What is going on with WPRT?
Westport Fuel Systems (WPRT) stock is higher following the low-carbon fuel supplier's announcement that it had acquired a stake in Stako sp. z o.o. (Stako) for $5 million. Stako is a subsidiary of Worthington Industries, and a world leader in liquid petroleum gas (LPG) fuel storage. Shares of WPRT increased 0.48% to $6.32 as of Friday at 11:54am.
What does this mean for Westport Fuel Systems?
Westport Fuel's stake in Poland-based Stako will give the company greater access to LPG fuel, a key alternative to diesel due to its price advantage. Currently, Stako has over 1,000 models of LPG storage tanks, and supplies some of the leading car manufacturers worldwide, including Ford and Hyundai.
“The acquisition of Stako represents a fundamental step towards our ability to supply completely integrated fuel systems. As a foremost global supplier of alternative fuel systems, we are well-positioned to offer a range of industry-leading solutions to prominent global OEMs,” said David M. Johnson, CEO of Westport.
“LPG and bioLPG emit less CO2 and pollutant emissions such as NOx than diesel and petrol, and support the transition to cleaner fuels, particularly in emerging markets where supply and existing infrastructure investment for LPG is substantial.”
Liquid petroleum gas is the most common alternative fuel used in the world today, powering around 27 million vehicles globally.
Westport Fuel Systems Inc has a Bullish sentiment reading. Find out what this means for you and get the rest of the rankings on WPRT!
Westport Fuel Systems Inc is a provider of high-performance, low-emission engine and fuel system technologies utilizing gaseous fuels. The company has four segments: Original Equipment Manufacturer(OEM), Independent Aftermarket (IAM), the Cummins Westport Inc (CWI) Joint Venture, and Corporate. Geographically, it derives maximum revenue from Europe and also has a presence in the Americas, Asia, and other countries. The company brands include Cummins Westport, BRC Gas Equipment, Westport, OMVL, Prins, GFi Control Systems, Emer, Zavoli, TA Gas Technology, AFS, and Valtek.
