Westport Buys Prins Autogassystemen

(RTTNews) - Westport Innovations Inc. (WPT.TO, WPRT) said Tuesday that it has acquired Netherlands based Prins Autogassystemen Holding B.V. for Euro 12.2 million, or about US$15.1 million, through a combination of Euro 6.6 million, or about US$8.2 million, in assumed liabilities and Euro 5.6 million, or about US$6.9 million, in cash.

Founded in 1986, Prins is a developer of high quality alternative fuel systems powered by liquefied petroleum gas, compressed natural gas, and liquefied natural gas for light-, medium-, and heavy-duty applications.

Prins operations in Europe will be combined under the Westport Applied Technologies business unit.

Westport said it does not expect material influence on 2014 revenue or earnings as a result of the deal due to the timing of closing. Westport expects strong synergies and accretive earnings performance in 2015.