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Westport Announces the Resignation of Chief Financial Officer William Larkin and Appoints Elizabeth Owens as Successor
Globenewswire· 2025-08-26 21:00
Company Leadership Changes - Westport Fuel Systems Inc. announced the resignation of Chief Financial Officer William Larkin, effective immediately, with Elizabeth Owens appointed as his successor [1][2] - Larkin will remain in an advisory role until September 15, 2025, to ensure a smooth transition [1] Executive Background - Elizabeth Owens has been with Westport for 10 years, previously serving as Vice President, Finance and Tax, and has extensive experience in multinational corporate environments [3][4] - Owens has held management roles across various industries, including automotive, telecommunications, aviation, and chemical manufacturing, and began her career as a CPA with Deloitte [3] Company Overview - Westport Fuel Systems is a technology and innovation company focused on providing alternative fuel and low-emissions transportation technologies [5] - The company designs, manufactures, and supplies advanced components and systems to facilitate the transition from traditional fuels to cleaner energy solutions [5][6] - Westport supports a variety of clean fuels, including natural gas, renewable natural gas, and hydrogen, helping partners meet performance demands and regulatory requirements [6]
Westport Announces Closing of Previously Announced Light-Duty Segment Divestiture
GlobeNewswire News Room· 2025-07-29 21:00
Core Viewpoint - Westport Fuel Systems Inc. has successfully closed the divestiture of its Light-Duty Segment, allowing the company to focus on higher-growth opportunities in the heavy-duty and industrial applications market [1][2][3]. Transaction Details - The Light-Duty Segment was sold to Heliaca Investments for a base price of approximately $79.5 million (€67.7 million), with potential earnouts of up to $3.9 million (€3.3 million) based on future performance [2]. - The transaction includes the sale of Westport Fuel Systems Italia S.r.l., which encompasses various Light-Duty OEM and aftermarket businesses [2]. Strategic Vision - The divestiture is seen as a pivotal step in strengthening the company's balance sheet and sharpening its focus on larger, higher-growth opportunities [3][4]. - Westport aims to provide economical solutions for heavy-duty and high horsepower commercial mobility, emphasizing decarbonization in these segments [3][5]. Market Positioning - The company recognizes the shifting transportation landscape and increasing customer demand for cleaner and more sustainable solutions [5]. - Westport is positioned to leverage its strengths in fuel-agnostic, high-pressure fuel systems to meet growing market demand [5][8]. Future Focus - Westport is initiating a comprehensive internal review to maximize economic benefits from the recent transaction and will provide further insights during the upcoming Q2 financial results conference call [6]. - Key priorities include strategic market expansion, technology leadership in heavy-duty transportation, and balancing opportunities with dynamic market conditions [8].