IMPCO to Acquire Assets of Crusader Engines' Industrial Product Line
6 October 1998
IMPCO to Acquire Assets of Crusader Engines' Industrial Product Line; Transaction Opens New Revenue Sources for Clean Air Systems
CERRITOS, Calif.--Oct. 5, 1998--In a move to further strengthen its position as a leading systems integrator in the alternative fuel markets, IMPCO Technologies Inc. Monday announced it has reached an agreement in principle to acquire certain assets of the industrial engine product line of Crusader Engines from Thermo Power Corp., a subsidiary of Thermo Electron Corp. .
Completion of the cash transaction is subject to the approval of Thermo Electron's board of directors and execution of a definitive agreement. Terms of the transaction were not disclosed.
"Our continuing goal is to provide value-added products and services to our customers," said Robert M. Stemmler, president and chief executive officer. "This transaction will enable us to provide our original equipment manufacturer customers with completely integrated fuel efficient systems that meet clean air mandates.
"The action further demonstrates our commitment to the development, design, certification and packaging of integrated engine and fuel systems. It represents a vital strategic component in our plans for long-term growth in the alternative fuels industry," Stemmler said.
In conjunction with the transaction, IMPCO also announced the creation of the Industrial Engine Systems Division, which will manage IMPCO's new engine systems integration operations. Brad Garner, current manager of the company's forklift and industrial engines business, has been appointed director of the new division. IMPCO intends to operate this division out of the present facility in Sterling Heights, Mich.
IMPCO Technologies sells alternative fuel products and services worldwide. With headquarters in Cerritos, the company has additional facilities in Irvine, Calif.; Detroit; Seattle; Mt. Pleasant, Iowa; Mexico, Australia, the Netherlands, France, Germany and the United Kingdom.
IMPCO is a market leader in the Original Equipment Manufacturer marketplace and aftermarket for gaseous fuel management systems and components that allow internal combustion engines to operate on clean 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 matters discussed in this news release contain forward- looking information that involves risks and uncertainties which could cause actual results to differ materially from current trends. These include growth of the alternative fuels market, competition, the company's ability to design and market new fuel management products, the company's ability to meet Original Equipment Manufacturer (OEM) specifications, the successful completion of the acquisition of certain assets of the industrial products line of Crusader Engines, and other such risks as cited in the company's 1998 annual report on Form 10-K and other documents filed with the Securities and Exchange Commission.