Westport Innovations Inc., Canada-based alternative fuel, low-emissions transportation technologies provider, has entered into a share purchase agreement to purchase Emer S.p.A. (Emer),of Brescia, Italy for Euro 27 million (approximately US$39.6 million) through a combination of stock and cash, plus the assumption of approximately Euro 53 million (US$77.6 million) in existing net debt within Emer.
Founded in 1975, Emer is described as a leading fuel system provider in the compressed natural gas (CNG) and liquefied petroleum gas (LPG) industry with a significant track record in technology innovation and operations.
Westport says the combined operations, under their Juniper Engines business (Juniper), will offer a complete systems solution to OEMs looking to take advantage of the growing alternative fuel market. Juniper’s Italian operations, including Emer, will continue to be managed by Maurizio Grando, Managing Director.
“Juniper’s vision for leadership in the CNG and LPG automotive marketplace includes providing complete systems integration for leading global OEMs,” said Ian Scott, President of Juniper Engines. “As the market leader in high pressure components, Emer provides a major element in our strategic growth plans as well as bringing world class OEM relationships, new markets, and critical mass. We are fortunate to have Emer join the Juniper group”.
Closing of the transaction is expected on or about July 1, 2011 and is subject to a number of closing conditions, including regulatory approval from the TSX.
This article compiled using information from a Westport Innovations, Inc. press release.