Westport Fuel Systems Agrees to Sell CNG Compressor Business
Westport Fuel Systems has entered into an agreement to sell its CNG compressor business based in Cherasco, Italy to Snam S.p.A. (Snam), a leading European gas utility company, for a cash purchase price of $14.7 million. The transaction is expected to close by the end of July.
The divestiture is consistent with Westport Fuel Systems strategy to streamline its business and product lines and focus on supplying alternative fuel vehicle components and systems to the transportation industry.
“We are proud to have Snam agreeing to purchase our CNG compressor business given their leadership in the development of natural gas fuelling infrastructure in Italy,” stated Nancy Gougarty, Chief Executive Officer of Westport Fuel Systems. “This business will be in good hands as they will be able to grow the CNG fueling infrastructure further, which will ultimately benefit our core business.”