Westport to sell auxiliary power unit for US$70m

Nancy Gougarty in a 2013 BIV file photo when she was hired by Westport Innovations Inc. The company has since streamlined and is now known as Westport Fuel Systems | BIV files

Share prices of Westport Fuel Systems (TSX:WPRT) jumped more than 15% April 17 after the company announced it has signed a definitive agreement to sell all the assets of its auxiliary power unit (APU) for US$70 million.

The Vancouver-headquartered alternative fuel company did not disclose the name of the buyer in its news release, and as of press time, it has not responded to a request for the information.

Company CEO Nancy Gougarty said the sale is part of an ongoing portfolio review that began with a merger with New York-based Fuel Systems Solutions in 2016. Westport said the move fits in with its strategy to streamline its business and product lines and focus on alternative fuel.

“After a careful assessment of the APU product line and its fit with the other Westport Fuel Systems businesses, we decided it made the most sense for our shareholders to pursue this sale,” Gougarty said.

The deal is expected to close in the next few weeks, Westport said.

ecrawford@biv.com

@EmmaHampelBIV

comments powered by Disqus

More from Technology

‘Internet of Things’ digs into dumpster opportunities

Korean-American tech firm wants to bring network connection, data collection to public trash bins

Read Article

B.C. STiR pilot eases procurement roadblocks for startups

Start-Up in Residence pilot program matches small tech firms with B.C. government ministries

Read Article

Province lays out preliminary vision linking tech, natural resources

Mining industry a key building block for B.C.’s tech sector: assistant deputy minister 

Read Article

BC Tech Summit luring big data, VR keynote speakers

Jigsaw CEO Jared Cohen and Two Bit Circus CEO Brent Bushnell to headline province’s largest tech event

Read Article

Isolated First Nations tap B.C. telehealth technology

Surrey’s Livecare creates multi-pronged approach for Nisga’a Lisims community

Read Article

Subscribe to our mailing lists

You may withdraw your consent at any time.

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
Business in Vancouver Media Group
303 West 5th Avenue, Vancouver, British Columbia
V5Y 1J6 · Canada
604-688-2398
×