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

Infographic: How consumers buy on mobile

Could m-commerce be the next big thing? Maybe, but a lack of innovation is holding marketers back, according to this infographic.

Read Article

Local software company extends its reach to Africa

QMC’s Cloud-based tech targets utility consumption efficiency improvements

Read Article

How to support entrepreneurs in the digital age

Shopify’s Lynsey Thornton and Surrey business owner Sonia Chhinji join BIV

Read Article

BIV on Global BC August 2, 2017: Apple stocks up; WestJet delays ...

Hayley Woodin discusses Apple stocks beating Wall Street expectations. Plus: WestJet delays the launch of its low-cost airline

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
×