Fuel Systems Solutions Closes FuelMaker Deal
SANTA ANA, CA --- Fuel Systems Solutions Inc. said it has completed the $7 million purchase of selected assets and CNG refueling technology from FuelMaker Corp.
This acquisition includes the home refueling appliance marketed under the Phill brand.
"We are excited to begin integrating our new technology, patents, certifications and products with our turn-key refueling equipment solutions," said Mariano Costamagna, CEO of Fuel Systems 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," Costamagna continued. "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."
As part of the purchase, Fuel Systems Solutions has agreed to fulfill certain FuelMaker service obligations and has assumed certain outstanding purchase orders.