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Fuel Systems Solutions (FSYS) Purchases Assets From FuelMaker Corporation
Fuel Systems Solutions Inc just announced that it has finished buying some some assets and some CNG technology from FuelMaker Corporation, including a home CNG refueling appliance. Fuel Systems Solutions bought the technology for $7 million and also agreed to take over some of FuelMaker’s service operations and outstanding purchase orders.
In a company press release, Mariano Costamagna, CEO of Fuel Systems Solutions, commented on the purchase:
"We are excited to begin integrating our new technology, patents, certifications and products with our turn-key refueling equipment solutions. Naturally, we expect a transition period during which we will transfer certifications and production; however, management is committed to the continuity of service and production of Phill."
"Over the past two years, we have selectively acquired complementary businesses that support our business and broaden our opportunity. Our existing refueling solutions for large fleets and gas stations are augmented by the FuelMaker product line, which addresses both the consumer and smaller commercial markets. We are excited to continue to market and service Phill, which we believe we can deploy to existing markets using our global distribution network and original equipment manufacturer (OEM) relationships and to developing markets where the natural gas refueling infrastructure is limited, such as the United States."
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