Westport acquires Prins Autogassystemen
03 December 2014
Westport Innovations Inc., engineering the world's most advanced natural gas engines and vehicles, announced on the second of december that it has acquired Netherlands based Prins Autogassystemen Holding B.V. (Prins) for Euro 12.2 million (approximately U.S.$15.1 million) through a combination of Euro 6.6 million (approximately 8.2 million dollars) in assumed liabilities and Euro 5.6 million (approximately 6.9 million dollars) in cash.
Founded in 1986, Prins is a leading developer of high quality alternative fuel systems powered by liquefied petroleum gas (LPG or propane), compressed natural gas (CNG), and liquefied natural gas (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 Vice President, 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 focussed on our Italian businesses," added Rahbar. "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."
"Westport is the leader in natural gas technologies and well-respected by engine and vehicle OEMs in the industry," said Bart van Aerle, CEO of Prins. "Together, we can create the best-in-class alternative fuel systems across multiple fuel platforms and deliver on superior technology and performance characteristics."