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Fuel Systems Solutions to acquire NaturalDrive Partners LLC
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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 Beale, Co-President of Fuel Systems and Head of IMPCO Operations. "We have partnered with the company over the last several months in developing OEM and fleet opportunities in North America and they have been an important part of the successful launch of our milestone GM van program. In addition, the transaction brings marketing and engineering depth to our North American team that will enhance our ability to develop leading edge solutions for our OEM and fleet customers."