News Update September 2015
COMPELLING MERGER CREATES SCALE AND COMBINES COMPLEMENTARY TECHNOLOGIES, DEVELOPMENT FOCUS AND GLOBAL CUSTOMER AND PRODUCT MIX
• The Merger will create a premier alternative fuel vehicle and engine company with expanded product and technology portfolio
• Complementary technologies and expertise, with the combined company conducting business in more than 70 countries
• Combined company to possess scale and positioning to compete effectively, grow, and deliver strong shareholder returns as markets improve
• Total annual savings and merger synergies of $30 million expected to be achieved by 2018
• Stock-for-stock merger creates a combined company with a combined revenue outlook ranging from $380 to $405 million for 2015
• Transaction is subject to shareholder and regulatory approvals and is expected to close in the 4th quarter of 2015
VANCOUVER, BC and NEW YORK, NY, Sept. 1, 2015 /CNW/ - Westport Innovations Inc. (TSX: WPT / Nasdaq: WPRT), and Fuel Systems Solutions, Inc. (Nasdaq: FSYS), today jointly announce that the companies have entered into a merger agreement to create a premier alternative fuel vehicle and engine company. The transaction will result in a combined equity value of $351 million based on the closing trading prices for the shares of both companies on August 31, 2015 and combined annual revenues ranging from $380 to $405 million projected for 2015. The combined company will benefit from complementary product solutions, and a fortified global footprint, with efficient operations and a core focus in developing next generation technology. The merger combines 17 brands in the automotive and industrial space and will allow customers and stakeholders to benefit from the consolidation of technologies, and the expansion of product portfolios, OEM relationships, and global distribution networks. The new entity will conduct business in more than 70 countries, represent a combined 100 years of experience and will trade on both the TSX and Nasdaq under the Westport Fuel Systems name, ticker symbol Nasdaq: WPRT and TSX: WPT, with a new business unit called Fuel Systems Automotive and Industrial Group. The companies' respective boards of directors have unanimously approved this transaction.
Read more: http://www.westport.com/news/2015/westport-and-fuel-systems-solutions-announce-intention-to-merge
