Westport Fuel Systems to Acquire Stako sp. z o.o., a World Leader in the Manufacturing of Liquified Petroleum Gas Fuel Storag...
28 Maio 2021 - 10:13AM
Westport Fuel Systems Inc. (TSX | Nasdaq: WPRT) (“
Westport
Fuel Systems” or the
“Company”) today
announced that it has reached an agreement to acquire Stako sp. z
o.o., (
“Stako”), the liquid petroleum gas fuel
storage manufacturing subsidiary of Worthington Industries Inc.
(“
Worthington”) in a transaction valued at €5
Million.
Based in Słupsk, Poland, Stako is a world
leading manufacturer of LPG fuel storage, supplying the aftermarket
and original equipment manufacturer (“OEM”) market
segments through a worldwide network of dealers. Stako’s current
product range includes over 1,000 models of LPG storage tanks. Over
the last 30 years, the company has supplied tanks to leading
automobile manufacturers worldwide, including VW, Renault, Fiat,
Hyundai, Opel, Ford, Maruti Suzuki and many others.
“The acquisition of Stako represents a
fundamental step towards our ability to supply completely
integrated fuel systems. As a foremost global supplier of
alternative fuel systems, we are well-positioned to offer a range
of industry-leading solutions to prominent global OEMs,” said David
M. Johnson, Chief Executive Officer of Westport Fuel Systems. “LPG
and bioLPG emit less CO2 and pollutant emissions such as NOx than
diesel and petrol, and support the transition to cleaner fuels,
particularly in emerging markets where supply and existing
infrastructure investment for LPG is substantial.”
With almost 27 million vehicles powered by LPG
globally, it is the most common alternative fuel used in the world
today, due in large part because of the price advantage offered in
many countries to operate an LPG vehicle versus higher operating
costs for an equivalent model fueled by petrol or diesel.
Stako sp. z o.o. (www.stako.pl)
started producing boilers, tanks and vessels in the 1960s. The
company is one of the largest suppliers of LPG fuel storage tanks
to the aftermarket segment, establishing valuable relationships
with important OEMs over many years. It is a world leader in the
production of LPG fuel storage (toroidal and cylindrical) for
automotive applications.
Worthington Industries
(NYSE:WOR) is a leading industrial manufacturing company delivering
innovative solutions to customers that span many industries
including transportation, construction, industrial, agriculture,
retail and energy. Worthington is North America’s premier
value-added steel processor and producer of laser welded products;
and a leading global supplier of pressure cylinders and accessories
for applications such as fuel storage, water systems, outdoor
living, tools and celebrations. The Company’s brands, primarily
sold in retail stores, include Coleman®, Bernzomatic®, Balloon
Time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool
International® and Hawkeye™. Worthington’s WAVE joint venture with
Armstrong is the North American leader in innovative ceiling
solutions.
About Westport Fuel Systems
Westport Fuel Systems is driving innovation to
power a cleaner tomorrow. The company is a leading supplier of
advanced fuel delivery components and systems for clean, low-carbon
fuels such as natural gas, renewable natural gas, propane, and
hydrogen to the global automotive industry. Westport’s technology
delivers the performance and fuel efficiency required by
transportation applications and the environmental benefits that
address climate change and urban air quality challenges.
Headquartered in Vancouver, Canada, with operations in Europe,
Asia, North America and South America, the company serves customers
in more than 70 countries with leading global transportation
brands. For more information, visit www.wfsinc.com.
Cautionary Note Regarding Forward
Looking Statements
This press release contains "forward-looking
information" within the meaning of applicable securities laws
("forward looking statements"). Forward looking
statements are frequently characterized by words such as "expect",
"intend", "may", "will", "potential", "proposed" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements made in this press release
include statements regarding the timing and completion of the
acquisition of Stako. These forward looking statements are neither
promises nor guarantees, but involve known and unknown risks and
uncertainties and are based on both the views of management and
assumptions that may cause the Company's actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activities, performance or
achievements expressed in or implied by these forward looking
statements. These risks, uncertainties and assumptions include
those related to the completion of the closing conditions for the
acquisition of Stako, COVID-19, its duration, effects and
government responses thereto, the general economy, solvency,
governmental policies and regulation, fluctuations in foreign
exchange rates, as well as other risk factors and assumptions that
may affect our actual results, performance or achievements or
financial position that are described in the Company's continuous
disclosure filings available under the Company's SEDAR profile at
www.sedar.com and under the Company's EDGAR profile at www.sec.gov.
In addition, the effects and the impact of the COVID-19 outbreak,
are unknown at this time and could cause actual results to differ
materially from the forward-looking statements contained herein.
Readers should not place undue reliance on any such forward-looking
statements, which speak only as of the date they were made. The
Company disclaims any obligation to publicly update or revise such
statements to reflect any change in its expectations or in events,
conditions or circumstances on which any such statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in these forward looking statements
except as required by law.
Investor Inquiries:Christine
MarksInvestor RelationsT: +1
604-718-2046E: invest@wfsinc.com
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