Westport to carry on light-duty business divestiture
“This milestone payment reflects continued progress in the post-closing steps of our Light-Duty business divestiture,” commented Elizabeth Owens, Chief Financial Officer at Westport. “While additional payments are expected as the transaction phases are completed, this interim payment strengthens our cash position today to support ongoing operations and our strategic initiatives".
Canadian player Westport Fuel Systems announced that it has received $6.5 million (Euro 5.5 million) as part of its previously announced sale of the Light-Duty segment. “The escrow payment was triggered under the terms of the sale agreement following the achievement of a defined post-closing milestone”, was written in a company’s press note.
Westport on the financial operation
“This milestone payment reflects continued progress in the post-closing steps of our Light-Duty business divestiture,” commented Elizabeth Owens, Chief Financial Officer at Westport. “While additional payments are expected as the transaction phases are completed, this interim payment strengthens our cash position today to support ongoing operations and our strategic initiatives. We remain disciplined in executing the remaining elements of the divestiture process along with our ongoing operational efficiency improvements.”
