Westport Fuel Systems Completes Sale of CNG Compressor Business
Westport Fuel Systems announced that it has completed the sale of its CNG compressor business to Snam S.p.A. (Snam), a leading European gas utility company, for total proceeds of $14.2 million. This divestiture was initially announced by Westport Fuel Systems in May.
“The closing of this transaction marks another achievement in our portfolio rationalization, a strategic initiative we started two years ago following the merger with Fuel Systems Solutions to capture synergies, drive efficiencies, and strengthen our balance sheet,” said Nancy Gougarty, Chief Executive Officer of Westport Fuel Systems. “With a stronger balance sheet, a more streamlined business, and improving operational results, we believe we can build on our market-leading position in our core markets, which should drive long-term value for the company and our shareholders.”