Ballard Power Systems Sells its US Material Products Division

04 Feb 2013

Ballard Power Systems has announced the closing of an agreement to sell its Lowell, Massachusetts Material Products division for up to $12 million. $10.5 million has been paid to the company immediately with the remainder payable on the basis of the Material Products division’s 2013 financial results. The division’s assets have been purchased by investment group ALY Holdings LLC in partnership with the division’s senior management, forming a new company, AvCarb LLC.

Tony Guglielmin, Ballard’s CFO said, “The Material Products division is a non-core asset, with the majority of its sales generated in industrial sectors, not related to fuel cells. This asset sale benefits Ballard by fortifying our balance sheet with additional cash reserves. We believe this transaction represents the best outcome in terms of sale proceeds and continuity of supply, with no shareholder dilution. As well, the sale enables a singular focus on our higher growth fuel cell product markets.”


Reference: Ballard Power Systems

Industry Directory: Ballard Power Systems


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