Westport Innovations wraps up Italian buy

Natural gas engine maker Westport Innovations has announced completing its acquisition of Emer S.p.A. (Emer), of Brescia, Italy, a compressed natural gas (CNG) and liquefied petroleum gas (LPG) fuel system provider for light vehicles, including trucks

Natural gas engine maker Westport Innovations has announced completing its acquisition of Emer S.p.A. (Emer), of Brescia, Italy, a compressed natural gas (CNG) and liquefied petroleum gas (LPG) fuel system provider for light vehicles, including trucks.

After deduction of certain amounts contractually agreed upon, Westport, at closing, paid approximately Euro 25.6 million (approximately US$37.2 million), which consisted of Euro 12.1 million (US$17.6 million) in cash and 881,860 shares of Westport stock.

The purchase price includes the assumption of approximately Euro 53 million (approximately US$77.0 million) in existing net debt within Emer. However, the company noted it immediately paid down approximately Euro 25 million (US$ 36.3 million) of the debt, leaving approximately Euro 28 million (US$40.7 million) in net debt.

The company said the new combined operations, under Westport's Light-Duty Division, will offer a complete systems solution to OEMs looking to take advantage of the growing alternative fuel market. Westport's Light-Duty Italian operations, including Emer, will continue to be run by its current managing director, Maurizio Grando.

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