Westport Completes Merger With Fuel Systems
By pdamon01 July 2016
Westport Fuel Systems Inc. has completed the merger between Westport Innovations Inc. and Fuel Systems Solutions Inc. As previously announced, Fuel Systems shareholders will receive 2.4755 Westport common shares for each share of Fuel Systems common stock owned.
The merged company will be named Westport Fuel Systems Inc. and will continue to trade under the WPRT ticker symbol on the Nasdaq Exchange and the WPT ticker symbol on the Toronto Stock Exchange. Fuel Systems shares will no longer be listed on the Nasdaq Exchange or any other securities exchange.
“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. We are excited to work together as one company to create a strong platform for growth in all of our active markets.”
Westport has additionally also announced changes to its board of directors in connection with the merger. Mariano Costamagna, Colin S. Johnston and Anthony Harris have been added to the combined company’s board of directors to fill vacancies created by the resignation of Philip B. Hodge, Gottfried “Guff” Muench and Joseph P. Caron.