Ballard Announces Closing of Sale of German Subsidiary to DaimlerChrysler And Ford

摘要

Ballard Power Systems,Inc.has released that the sale of its German subsidiary,Ballard Power Systems AG,to DaimlerChrysler AG and Ford Motor Company has closed as planned."At Ballard,we have one vision,one goal,to develop fuel cell power as a practical alternative to internal combustion automotive engines.We will succeed through our relentless commitment to technology leadership.Today,we are better positioned than ever to achieve that goal,"said Dennis Campbell,Ballard's president and CEO."We are stronger financially,with the recovery of approximately US20 million in expenses and an annual reduction in cash consumption of US25 million.We are stronger strategically,with a sharpened focus on our core competency-fuel cell design,development and manufacture.And we will continue to benefit from the strength of our fuel cell alliance with DaimlerChrysler and Ford."