Vancouver’s Westport Fuel Systems to sell auxiliary power business for US$70M
The deal with an unnamed buyer follows a portfolio review and the company's 2015 merger with Fuel Systems Solutions
VANCOUVER—Westport Fuel Systems Inc., a Canadian cleantech firm that builds natural gas engines and vehicles, is selling its Auxiliary Power Unit business for US$70 million.
The Vancouver-based company did not release the identity of the buyer, but said the deal is expected to close within the next few weeks.
The sale follows a portfolio review announced last year and a major merger between Westport and Fuel Systems Solutions Inc. in 2015.
“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,” the company’s CEO, Nancy Gougarty, said in a statement.
APUs provide power for secondary functions in large vehicles, such as trains and trucks.
The company said the divestment will help it focus on its core alternative fuel business.