VANCOUVER, British Columbia (May 28, 2021) — Westport Fuel Systems Inc. announced that it has reached an agreement to acquire Stako sp. z o.o., (Stako), the liquid petroleum gas (LPG) fuel storage manufacturing subsidiary of Worthington Industries Inc. (Worthington) in a transaction valued at €5 Million.
Based in Słupsk, Poland, Stako is a global manufacturer of LPG fuel storage, supplying the aftermarket and original equipment manufacturer market segments through a worldwide network of dealers. Stako’s current product range includes over 1,000 models of LPG storage tanks. Over the last 30 years, the company has supplied tanks to leading automobile manufacturers worldwide, including VW, Renault, Fiat, Hyundai, Opel, Ford, Maruti Suzuki and many others.
“The acquisition of Stako represents a fundamental step towards our ability to supply completely integrated fuel systems. As a foremost global supplier of alternative fuel systems, we are well-positioned to offer a range of industry-leading solutions to prominent global OEMs,” said David M. Johnson, CEO of Westport Fuel Systems. “LPG and bioLPG emit less CO2 and pollutant emissions such as NOx than diesel and petrol, and support the transition to cleaner fuels, particularly in emerging markets where supply and existing infrastructure investment for LPG is substantial.”
With almost 27 million vehicles powered by LPG globally, it is the most common alternative fuel used in the world today, due in large part because of the price advantage offered in many countries to operate an LPG vehicle versus higher operating costs for an equivalent model fueled by petrol or diesel.
