Westport's (WPRT) latest acquisition further strengthens the company's position to offer a range of industry-leading solutions to prominent global OEMs.
Westport Fuel Systems broadens its offering by acquiring capability for liquified petroleum gas (also known as "LPG" or "Propane Autogas") fuel storage .
Westport Fuel Systems Inc: Westport Fuel Systems to Acquire Stako sp. z o.o., a World Leader in the Manufacturing of Liquified Petroleum Gas Fuel Storage
Bolt-on acquisition supports energy transition to cleaner fuels in emerging markets
VANCOUVER, British Columbia, May 28, 2021 (GLOBE NEWSWIRE) Westport Fuel Systems Inc. (TSX | Nasdaq: WPRT) (
Westport Fuel Systems or the Company ) today announced that it has reached an agreement to acquire Stako sp. z o.o., ( Stako ), the liquid petroleum gas fuel storage manufacturing subsidiary of Worthington Industries Inc. (
Worthington ) in a transaction valued at €5 Million.
Based in Slupsk, Poland, Stako is a world leading manufacturer of LPG fuel storage, supplying the aftermarket and original equipment manufacturer (
Operator
Thank you for standing by. This is the conference operator. Welcome to the Westport Fuel Systems, Inc. first-quarter 2021 results conference call.
[Operator instructions] The conference is being recorded. I would now like to turn the conference over to Christine Marks, Westport s investor relations representative. Please go ahead, Ms. Marks.
Christine Marks
Investor Relations
Thank you, and good morning, everyone. Welcome to Westport Fuel Systems first-quarter 2021 conference call which is being held to coincide with the press release containing Westport Fuel Systems financial results that was distributed yesterday. On today s call speaking on behalf of Westport Fuel Systems is chief executive officer, David Johnson; and chief financial officer, Richard Orazietti. Attendance at this call is open to the public and to media, but questions will be restricted to the investment community.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Westport Fuel Systems Reports First Quarter 2021 Financial Results
Westport Fuel Systems IncMay 6, 2021 GMT
VANCOUVER, British Columbia, May 06, 2021 (GLOBE NEWSWIRE) Westport Fuel Systems Inc. (“WFS”) (TSX:WPRT / Nasdaq:WPRT) today reported financial results for the first quarter ended March 31, 2021 and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.
FIRST QUARTER 2021 HIGHLIGHTS
Revenues of $76.4 million, up 14% compared to the same period in 2020 due to increased sales volumes in WFS’ light-duty and heavy-duty Original Equipment Manufacturing (“OEM”) businesses
Net loss of $3.1 million and net loss per share of $0.02 were impacted by supply chain-related production issues at WFS’ initial High Pressure Direct Injection (“HPDI”)™ launch partner, one-time severance costs and an unrealized foreign exchange loss