The business transaction accounts for € 12.2 million through a combination of € 6.6 million in assumed liabilities and € 5.6 million in cash. Prins is a developer of high quality alternative fuel systems powered by liquefied petroleum gas, CNG and LNG for light-, medium-, and heavy-duty applications. Its operations in Europe will be combined under the Westport Applied Technologies business unit.
“Prins’ globally respected product line, their strong track record in continuous innovation and new product introductions combined with its OEM relationships complement our products and OEM coverage to provide us with a great position as the go-to partner for alternative fuels solutions,” said Mehran Rahbar, Executive Vice President, On-Road Systems & Applied Technologies of Westport. “Westport has a great deal of experience with natural gas direct injection and believes that the combination of Prins’ and Westport’s team and technologies will further strengthen Westport’s dominant technology portfolio.”
“Westport is the leader in natural gas technologies and well-respected by engine and vehicle OEMs in the industry,” said Bart van Aerle, CEO of Prins. “Together, we can create the best-in-class alternative fuel systems across multiple fuel platforms and deliver on superior technology and performance characteristics.”
Among the synergies expected, Prins’ alternative fuel systems will expand Westport’s product portfolio to include direct injection technology for LPG and CNG systems, and a well developed portfolio of diesel dual fuel aftermarket systems. Not only that but also Prins’ established footprint in large emerging markets for alternative fuels including Turkey and Africa opens access to new markets for Westport’s products.