Ballard Power Sells Materials Products Unit to ALY Holdings
Ballard Power Systems Inc., a Vancouver, British Columbia-based maker of fuel cell technology products, has sold its material products division for up to C$12 million. Substantially all of the assets were acquired by US private equity firm ALY Holdings LLC in partnership with the division's senior management through a new company established as a result of the deal, AvCarb LLC, located in Lowell, Massachusetts. Ballard reported that the sale of its non-core divisional assets will strengthen the company's balance sheet with cash reserves.
4 February 2013•3 mins read
