Impco’s Loss Widens, Plans to Spin Off Unit
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Alternative fuel specialist Impco Technologies Inc. reported a widened fourth-quarter loss and said it plans to spin off its Quantum subsidiary.
The announcement of the spinoff comes after General Motors Corp. said earlier this week it was taking a “substantial minority stake” in Quantum as part of a deal to develop hydrogen storage for fuel-cell powered vehicles.
Impco said it planned to spin off Quantum through a tax-free distribution of Quantum common stock to Impco stockholders by the end of calendar year 2001.
Meanwhile, the Cerritos-based Impco reported a net loss of $6.8 million, or 66 cents per share, for the quarter compared with a net loss of $800,000, or 9 cents, a year ago. Analysts expected a 50-cent loss.
Revenue declined 9.5%.
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