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Sept 1 (Reuters) - Canada's Westport Innovations Inc , which develops motor vehicle engines that run on natural gas, agreed to buy U.S. peer Fuel Systems Solutions Inc in an all-stock deal to diversify from engines for trucks and buses. The deal comes at a time when the two companies try to cope with narrowing spread between natural gas fuels and diesel, due to a steep fall in crude prices, discouraging customers from converting to vehicles run on natural gas. Fuel Systems shareholders will receive 2.129 Westport shares for each share held, representing a 10 percent premium to Monday's closing on the Nasdaq. The transaction works out to $7.54 per Fuel Systems share. The merger would create a company with annual revenue of $380-$405 million in 2015, the companies said on Tuesday. Westport focuses on engines for heavy-duty vehicles manufactured by companies including Volvo, Volkswagen and Fiat Chrysler Automobiles. Fuel Systems is geared toward light- and medium-duty products for customers including General Motors Co , Ford Motor Co and Mitsubishi Group. (Reporting by Amrutha Gayathri in Bengaluru)
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Fuel Systems Solutions Inc.
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CODE : FSYS |
ISIN : US35952W1036 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Fuel Systems is based in United states of america. Fuel Systems is listed in Germany and in United States of America. Its market capitalisation is US$ 97.7 millions as of today (€ 87.1 millions). Its stock quote reached its highest recent level on June 06, 2014 at US$ 9.89, and its lowest recent point on June 01, 2016 at US$ 5.40. Fuel Systems has 18 090 000 shares outstanding. |