Ballard Power (BLDP) Closes $12M Sale of Material Products Unit

January 31, 2013 5:01 PM EST
Ballard Power Systems (Nasdaq: BLDP) announced the closing of an agreement to sell the Company's Material Products division, located in Lowell, MA for up to $12 million. Of this amount, $10.5 million was paid to Ballard in cash on closing, with the remainder payable on the basis of 2013 financial results associated with the Material Products division.

Substantially all the assets of the Material Products division were purchased by investment group ALY Holdings LLC in partnership with the division's senior management, through AvCarb LLC, a new company formed as a result of the transaction.

BMO Capital Markets acted as exclusive financial advisor to Ballard throughout the divestiture process.

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