Fuel Systems Solutions, Inc., through its wholly owned subsidiary IMPCO Technologies, Inc., has agreed to purchase NaturalDrive Partners LLC, an alternative fuel automotive systems developer in North America that offers dedicated CNG and LPG conversion systems across multiple U.S. fleet vehicle platforms. The transaction is valued at $6 million, comprised of $4.5 million in cash and $1.5 million of Fuel Systems' stock to be paid at closing. The transaction also includes provisions for earn-out payments totaling $6.75 million in the form of Fuel Systems stock, which would be payable during the three years following closing based upon achievement of business volume milestones. The transaction is expected to close in May 2011 and is subject to customary closing conditions. After closing, NaturalDrive will be integrated into IMPCO's U.S. automotive division.
"We are very excited to welcome NaturalDrive to the Fuel Systems and IMPCO teams," said Matthew