Cummins signs deal to buy Westport’s stake in natural gas engines joint venture
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Hey there, time traveller!
This article was published 07/02/2022 (1699 days ago), so information in it may no longer be current.
VANCOUVER – Cummins Inc. has signed a deal with Westport Fuel Systems Inc. to buy Westport’s stake in a joint venture the companies shared and become the sole owner of the business.
Under the agreement, Cummins will also buy Westport’s interest in the intellectual property of the joint venture, which was worked on natural gas engines, for US$20 million.
Cummins and Westport have also agreed to assess Westport’s hydrogen high pressure direct injection system for potential use on CMI’s hydrogen applications.
The Cummins Westport Inc. joint venture agreement ended on Dec. 31, 2021.
It was focused on designing and engineering natural gas engines for use in commercial vehicles such as buses and trucks.
Vancouver-based Westport makes natural gas, propane and hydrogen components and systems for the automotive industry.
This report by The Canadian Press was first published Feb. 7, 2022.
Companies in this story: (TSX:WPRT)