Westport Innovations Inc. announced that it has acquired Netherlands based Prins Autogassystemen Holding B.V. (Prins) for €12.2 million (approximately US$15.1 million).
The transaction was made through a combination of €6.6 million (approximately US$8.2 million) in assumed liabilities and €5.6 million (approximately US$6.9 million) in cash.
Prins is a leading developer of high quality alternative fuel systems powered by LPG or propane, CNG and LNG for light-, medium-, and heavy-duty applications. Prins operations in Europe will be combined under the Westport Applied Technologies business unit.
"Prins' globally respected product line, their strong track record in continuous innovation and new product introductions combined with its Original Equipment Manufacturer (OEM) relationships complement our products and OEM coverage to provide us with a great position as the go-to partner for alternative fuels solutions," said Mehran Rahbar, Executive VP, On-Road Systems & Applied Technologies of Westport.
"Westport has a great deal of experience with natural gas direct injection and believes that the combination of Prins' and Westport's team and technologies will further strengthen Westport's dominant technology portfolio."
"I have been in the automotive industry for more than 20 years with companies like Continental and Siemens VDO, and most recently focused on our Italian businesses. Based on my experience, this acquisition is a significant opportunity for Westport to scale, innovate, and derive sales and operations synergies from the combined business," added Rahbar.
Commenting on the acquisition, Bart van Aerle, CEO of Prins, said: "Westport is the leader in natural gas technologies and well-respected by engine and vehicle OEMs in the industry. Together, we can create the best-in-class alternative fuel systems across multiple fuel platforms and deliver on superior technology and performance characteristics."
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/small-scale-lng/03122014/westport-acquires-prins-autogassystemen-1899/