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Westport Completes Merger with Fuel Systems

Westport Fuel Systems has completed the merger between Westport Innovations and Fuel Systems Solutions, following the shareholders of both companies approving the merger.

The merged company will be named Westport Fuel Systems Inc., which brings together a complementary mix of products, technology and research and development; strong customer relationships; and experienced employees.

“This is an exciting day as we bring together the best expertise, cutting-edge technology, innovation and leading product offerings in the natural gas industry for automotive and industrial applications,” said David Demers, CEO of Westport Fuel Systems. “In the coming months, we will relentlessly focus on creating value for our customers and shareholders by capturing cost synergies as well as leveraging our deep original equipment manufacturer (OEM) relationships, scale and global reach.”

In addition, Westport has made changes to its board of directors in connection with the completion of the merger.  Mariano Costamagna, Colin S. Johnston and Anthony Harris have joined the combined company’s board of directors to fill vacancies created by the resignation of Philip Hodge, Gottfried “Guff” Muench and Joseph Caron.

“On behalf of the Board, I would like to thank Philip, Guff and Joseph for their expertise and commitment to Westport,” stated Warren Baker, Chairman of the Board. “They have all made great contributions to the Board and to the success of our company culminating with the completion of this merger.”

Westport also announced that it has received $17.5 million in cash from affiliates of Cartesian Capital Group in accordance with the amended investment agreement made earlier this year.