Westport and Fuel Systems Solutions Announce Merger
VANCOUVER, BC and NEW YORK, NY -- Westport Innovations Inc. and Fuel Systems Solutions Inc. on Tuesday jointly announced the companies have entered into a merger agreement to create an alternative fuel vehicle and engine company. The move comes after the two companies combined lost US$43.7 million in the first half of 2015, according to Transport Topics newspaper. Westport has a publicly stated goal of reaching break even by the middle of 2016 and the merger would only strengthen the company's ability to meet this goal, said a news release. The companies anticipate closing the transaction in the fourth quarter of 2015. Westport and Fuel Systems will operate as separate companies until that time.