Westport Will Sell CNG Compressor Business to Snam S.p.A.

By NGV Global Westport Fuel Systems Inc. has entered into an agreement to sell its Cherasco, Italy-based compressed natural gas (CNG) compressor business to Snam S.p.A. for a cash purchase price of EUR 12.5M (USD 14.8M), subject to certain customary adjustments and closing conditions. Snam owns Europe’s largest, most accessible pipeline network (32,455 km), one of the largest storage infrastructures in the European Union (16.5 bcm capacity) and the first LNG terminal built in Italy.
The transaction is expected to close by the end of July. The divestiture is consistent with Westport Fuel Systems strategy to streamline its business and product lines and focus

Read Full Article Here

For more great articles: NGV Global

(Visited 18 times, 1 visits today)