Brief: Westport And Volvo Group Announce Closing Of The Joint Venture

Westport Fuel Systems

03/06/2024 23:38

June 3 (Reuters) - Westport Fuel Systems Inc  WPRT.TO :
    * WESTPORT AND VOLVO GROUP ANNOUNCE CLOSING OF THE JOINT
VENTURE
    * WESTPORT FUEL SYSTEMS INC - JOINT VENTURE WILL BE LED, ON
AN
INTERIM BASIS, BY DAN SCELI, CHIEF EXECUTIVE OFFICER OF WESTPORT
    * WESTPORT FUEL SYSTEMS INC - JOINT VENTURE WILL BE
HEADQUARTERED
IN VANCOUVER, CANADA
    * WESTPORT FUEL SYSTEMS INC - JOINT VENTURE WILL OPERATE AS
AN
INDEPENDENT ENTITY WITH WESTPORT CONTRIBUTING CERTAIN HPDI™
ASSETS AND ACTIVITIES
    * WESTPORT FUEL - VOLVO GROUP BOUGHT 45% INTEREST IN JV FOR
ABOUT
$28 MILLION, PLUS UP TO $45 MILLION AS AN EARN-OUT DEPENDING ON
SUBSEQUENT PERFORMANCE OF JV

Source text for Eikon:  ID:nCNWcQXSma 
Further company coverage:  WPRT.TO 

 ((Reuters.Briefs@thomsonreuters.com;))