NEW YORK – Fuel Systems Solutions has completed the purchase of EvoTek LLC for a total value of $7 million.
EvoTek is a North American developer of alternative fuel automotive systems that offers dedicated CNG and LPG conversion systems across multiple U.S. fleet vehicle platforms. Fuel Systems is a designer, manufacturer and supplier of alternative fuel components and systems for use in transportation and industrial applications.
Fuel Systems will integrate EvoTek into its IMPCO U.S. automotive division.
"With both the EvoTek and the Productive Concepts International (PCI) acquisitions completed, we have transformed Fuel Systems’ positioning in the U.S. marketplace," said Mariano Costamagna, Fuel Systems Solutions CEO. "We now have a full suite of automotive capabilities necessary to develop leadership of this market, including a CARB-certified, dedicated systems product line and an in-house OEM systems engineering platform, greatly enhancing our ability to leverage strong existing and potential new relationships with fleet customers and other manufacturers as they roll out CNG and LPG versions of key fleet vehicles. We remain dedicated to meeting the demands of evolving OEM alternative fuel programs as they accelerate in the U.S."
The $7 million acquisition is comprised of $4 million in cash paid at closing and $3 million of Fuel Systems’ stock, which will be paid into escrow at closing and released in three equal annual installments upon achievement of certain product development milestones.
Visit the Fuel Systems Solutions website to learn more.
www.fuelsystemssolutions.com
