IMPCO Acquires Two Alternative Fuels Companies Move Diversifies Product Line, Expands Market In Latin America
8 December 1997
CERRITOS, Calif., Dec. 8 -- IMPCO Technologies, Inc. today announced that it has acquired the Algas Carburetion division of PGI International, headquartered in Houston, Texas, and the privately-held company, Algas Mexicana, headquartered in Mexico City. The Algas Carburetion division and Algas Mexicana manufacture and sell alternative fuel products and systems worldwide with a focus on Mexico and Latin America. Algas Carburetion's operations and product line will be transferred from Houston and merged with IMPCO's operations in Southern California. Algas Mexicana will continue to maintain operations in Mexico City under the new name, IMPCO Mexicana. "These two acquisitions will diversify IMPCO's product line and establish a base of operations to fully service the growing Mexican and Latin American markets," said Robert M. Stemmler, IMPCO's president and chief executive officer. "The Mexican operation is an excellent strategic fit for our company and our long-term growth plans for Latin America." Stemmler added that, with escalating air pollution problems in Latin American countries such as Brazil and Chile, as well as in Mexico City and other parts of Mexico, IMPCO is well positioned to take advantage of increased opportunities for alternative fuel systems and products. Industry sources estimate that the alternative fuels industry in Latin America will exceed $1 billion within the next 10 years. IMPCO Technologies, Inc. sells alternative fuel products and services worldwide. Headquartered in Cerritos, CA, the company has additional facilities in Irvine, CA; Detroit, MI; Seattle, WA; Mt. Pleasant, IA; Australia, the Netherlands, France, Germany and the United Kingdom. IMPCO is a market leader in the Original Equipment Manufacturer (OEM) market and aftermarket for gaseous fuel management systems and components that allow internal combustion engines to operate on clean-burning gaseous fuels such as propane and natural gas. IMPCO provides conversion systems for motor vehicles, forklifts, other material handling equipment, and small portable to large stationary engines. Certain statements contained in this press release contain forward looking information that is subject to risks and uncertainties which could cause actual results to differ materially from those projected or implied. Such risks and uncertainties include without limitation uncertainties regarding growth of the alternative fuels market, competition, the company's ability to design and market new fuel management products and the company's ability to meet Original Equipment Manufacturer (OEM) specifications, as well as other risks, factors and uncertainties described in the company's 1997 Annual Report on Form 10-K and other reports filed from time to time with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the result of any revisions to forward-looking statements which may be made to reflect events and circumstances after the date hereof or to reflect the occurrence of unanticipated events. SOURCE IMPCO Technologies, Inc.