Westport acquires Italy's OMVL for US$23.4 million

Vancouver-based Westport Innovations Inc has acquired OMVL SpA, Bologna Italy, and its 51% interest in Juniper Engines, for US$23.4 million. OMVL is designs, manufactures and markets complete fueling systems for gas-propelled vehicles and for the conversion of engines from petrol to compressed natural gas and liquefied petroleum gas. Westport already has a joint venture with Juniper Engines which could position that latter's products as a significant market participant in light-duty trucks. The acquisition is being financed through a combination of proceeds from cash generated from Westport's recent warrant exercise and general operating funds with $14 million paid upon closing and the remainder on the third anniversary of the closing date….