Westport Fuel Systems (NASDAQ: WPRT) shares jumped 16% this morning after the company said it has entered into a definitive agreement to sell the assets of its Auxiliary Power Unit (APU) business for $70 million. The sale is consistent with the company’s strategy to streamline its business and focus on alternative fuel solutions for the transportation and automotive industries. The transaction is expected to close within a few weeks. “After a careful assessment of the APU product line and its fit with the other Westport Fuel Systems businesses, we decided it made the most sense for our shareholders to pursue this sale,” CEO Nancy Gougarty stated in the news release.
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About Westport Fuel Systems
Westport Fuel Systems engages in inventing, engineering, manufacturing and supplying advanced clean-burning fuel systems and components that can change the way the world moves. The company’s technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, the company serves customers in more than 70 countries with global transportation and industrial application brands. For more information, visit www.wfsinc.com.
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