Orbital Acquires Boral Alternative Fuel Systems
Posted on: Friday, 27 June 2008, 09:03 CDT
Australian clean energy technology group Orbital has completed the acquisition of the Sydney-based liquefied petroleum gas systems supplier, Boral Alternative Fuel Systems.
All precedent conditions have been satisfied and Orbital has officially completed the acquisition of the BAFS operation, located in Arndell Park in Sydney's western suburbs.
The acquisition of Boral Alternative Fuel Systems (BAFS), which is a Tier-1 supplier to Ford Motor, reportedly marks a significant expansion by Orbital into the rapidly growing Australian and New Zealand alternative fuel system markets.
The business, which currently generates annual revenue of approximately A$6 million, will trade under the new name 'Orbital Gas Products' and is expected to be earnings per share accretive for Orbital.
Terry Stinson, Orbital's CEO, said: "The combination of vast quantities of readily available liquefied petroleum gas (LPG), the federal government subsidy for the conversion of petrol based fuel systems to LPG and the increasing price of petrol are creating a strong market pull for an improved LPG product line. Using Orbital's engine and fuel system knowledge and experience, combined with the Boral acquisition, we will be able to expand our revenue base, increase profits and secure better returns for our shareholders."
Source: Datamonitor
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