IMPCO forms joint venture with alternative fuels company in Egypt
US-based IMPCO Technologies, Inc. has signed a joint venture agreement with Egyptian alternative fuels company AFG s.a.e. The joint venture, IMPCO Egypt s.a.e headquartered in Cairo, will focus on the development and sales of IMPCO product into the alternative fuel industry.
Egypt has a natural gas vehicle program firmly in place with some 47,000 vehicles currently operating on compressed natural gas (CNG) and growing at 20 to 25 percent a year.
"Egypt's vibrant NGV program will benefit from IMPCO's worldwide expertise and product base to continue to develop natural gas systems for light and heavy duty vehicles, industrial, power generation, marine and rail traction,” said Hassan Abdel-Kader, chairman and CEO of AFG s.a.e.
IMPCO products allow internal combustion engines to operate using gaseous fuels such as LPG gas and CNG. IMPCO, following its recent merger with BRC of Italy, operating in the international Light Duty Vehicle sector, will have combined revenues approaching $125 million annually with 20 offices in 13 countries worldwide and is doing business in over 50 countries.
“The abundant availability of natural gas in Egypt coupled with a good infrastructure, and an overriding need to improve air quality will provide a healthy business climate for many years to come,” Abdel-Kader added.
“Egypt's strategic need to fully utilize its natural gas resources coupled with a healthy vehicle and industrial manufacturing industry provides ideal scope for business growth," Robert Stemmler, chairman and CEO of IMPCO Technologies, said.
IMPCO designs, manufacturers, markets and applies advanced alternative fuel products and systems for the automotive car, truck and bus markets and for the off road industrial markets including power generation, irrigation and material handling applications. Headquartered in Cerritos, California, IMPCO has offices throughout Asia, Australia, Europe, North America and Mexico. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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