The county is losing the headquarters of one of its fastest growing companies as Fuel Systems Solutions Inc. in Santa Ana is moving its home base to New York.
The company, which makes kits to convert cars to run on propane and natural gas, said its new headquarters will serve as the hub for business with customers in Europe and Latin America.
Last year Fuel Systems saw a surge in its shares, making it one of the best performing public companies based here. The company’s stock has cooled this year with a recent market value of $300 million.
Fuel Systems is the holding company for Santa Ana-based Impco Technologies Inc., a maker of engine parts for propane and natural gas vehicles, and Italy? BRC Gas Equipment SRL.
The move presumably brings the headquarters closer to Europe, where Chief Executive and dominant owner Mario Costamagna is based.
Impco Technologies’ 210,000-square-foot Santa Ana plant, which employs 200 workers, is expected to stay put.
The plant makes kits that convert autos to run on natural gas and propane.
The fastest growing part of the company is in Italy with sales to European customers who face higher gas prices because of taxes and who were hit hard by last year’s price spike.
This year the company said that it was out to grab more U.S. sales, which have been mostly flat over the last several years.
No word was given on how many of its local workers might move to New York. Overall, the company employs 1,450.
Chief Executive Costamagna and brother Pier Costamagna own a quarter of Fuel Systems?stock and live in Italy.
The company? chief financial officer, Bill Larkin, will not move with the company and will stay in his position through July 15 before he resigns.
Matthew Beale, the company? president, will take over Larkin? duties.
