FSS and Westport finalise merger
The merger procedure commenced in late 2015 and was finalised (after obtaining consents from shareholders and regulatory bodies) on June 1, 2016. This means bringing a broad range of brands under one roof, including BRC, Prins, OMVL, Valtek, GFi, Zavoli, Impco and numerous Westport marques, such as HPDI, WiNG or iCE. Does this mean BRC will abandon development of its LDI liquid state autogas injection technology to avoid in-house competition with the Prins Direct LiquiMax? Or maybe the opposite – will the Italian brand use Dutch technology to boost implementation of its own product? We shall see.
The merger has resulted in some changes introduced to the new company's board of directors. Three members – Philip B. Hodge, Gottfried Muench and Joseph P. Caron – have resigned and were replaced by Mariano Costamagna (BRC), Colin S. Johnston and Anthony Harris. As for stock market presence, Fuel Systems Solutions will disappear and the new entity will be represented under markings used so far by Westport Innovations (WPRT on Nasdaq and WPT on the Toronto Stock Exchange).
This is an exciting day as we bring together the best expertise, cutting-edge technology, innovation and leading product offerings in the natural gas industry for automotive and industrial applications. In the coming months, we will relentlessly focus on creating value for our customers and shareholders by capturing cost synergies as well as leveraging our deep original equipment manufacturer ("OEM") relationships, scale and global reach. We are excited to work together as one company to create a strong platform for growth in all of our active markets.
David Demers, CEO of Westport Fuel Systems
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