Fuel Systems to buy EvoTek for $7 million

NEW YORK

Fuel Systems Solutions will spend about $7 million to acquire EvoTek LLC, a company that makes alternative fuel systems for vehicle fleets.

Fuel Systems, which makes alternative fuel components and systems, will lay out $4 million in cash and put $3 million into escrow. Each year, $1 million will be available for withdrawal from the escrow account based on development milestones.

The deal is expected to close this month. EvoTek will then be integrated into Fuel Systems' U.S. automotive division. EvoTek's customers include BAF Technologies Inc., a subsidiary of Clean Energy Fuels Corp.

Fuel Systems Solutions Inc. also said Wednesday it has completed the purchase of Productive Concepts International's alternative fuel vehicle business for $11.1 million including $975,000 in debt.