June 8, 2011 / 11:59 AM / in 7 years

UPDATE 2-Westport net loss widens on higher costs, shares fall

* Revenue up 10 pct

* To buy Italian fuel system provider

* Shares fall as much as 12 pct (Adds share movement)

June 8 (Reuters) - Canada’s Westport Innovations Inc reported a wider fourth-quarter loss, due in part to higher research and development costs, sending its shares down as much as 12 percent.

The company, which supplies alternative fuel and low-emission transportation technologies, said it expects revenue growth of about 30 percent year-over-year for calendar year 2011.

For calendar year 2010, the company reported revenue of $144.4 million.

Fourth-quarter net loss was $14.4 million, or 31 cents a share, compared with a net loss of $11.7 million, or 32 cents a share, a year ago.

Revenue rose 10 percent at $38.1 million.

Separately, Westport said it planned to buy Italian fuel system provider, Emer S.p.A., for about $39.6 million in a cash and stock deal. Westport will also assume about $77.6 million of Emer’s existing net debt.

The deal is expected to close on or about July 1.

Emer is a fuel system provider in the compressed natural gas and liquefied petroleum gas industry.

Shares of Westport were down C$1.98 at C$20.86 on Wednesday morning on the Toronto Stock Exchange. They touched a low of C$20.20 earlier in the session. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Jarshad Kakkrakandy, Roshni Menon)

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