Fuel Systems Solutions to Acquire Certain FuelMaker Assets and Purchase Orders
01 May 2009
Fuel Systems Solutions, Inc. has agreed to acquire selected assets and technology for compressed natural gas (CNG) refueling products manufactured by FuelMaker Corporation, including the home refueling appliance marketed under the Phill brand (earlier post). The transaction is valued at $7.0 million and is expected to close in the second quarter of 2009.
FuelMaker Corp., owned by American Honda, entered receivership on 2 April and ceased operations on 3 April. (Earlier post.)
As part of the purchase agreements, Fuel Systems Solutions has agreed to fulfill certain FuelMaker service obligations and has assumed certain outstanding purchase orders. In an additional agreement with American Honda, the company has made provisions to license technology back to American Honda under certain circumstances to support its natural gas vehicle activities.
Fuel Systems Solutions is a designer, manufacturer and supplier of alternative fuel components and systems for use in transportation and industrial applications. The company is composed of two operating subsidiaries: IMPCO Technologies and BRC. IMPCO Technologies is a leader in the heavy duty, industrial, power generation and stationary engines sectors. BRC is a leader in the light duty and automobile alternative fuel sectors and has established alliances with several major automobile manufacturers for OEM projects.
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