Cummins to Purchase Remaining Shares in the Former Cummins Westport Joint Venture from Westport Fuel Systems
February 07 2022 - 7:00AM
Business Wire
Cummins Inc. (NYSE: CMI) and Westport Fuel Systems Inc.
(“Westport”) (TSX:WPRT | Nasdaq:WPRT) have agreed to a share
purchase agreement for the sale of Westport’s stake in the Cummins
Westport Joint Venture (“JV”) with CMI continuing to operate the
business as the sole owner. As previously reported, the Cummins
Westport Inc. joint venture agreement terminated effective December
31, 2021.
As part of the agreement, Cummins also will buy Westport’s
interest in the JV’s intellectual property, developed by the JV in
support of the JV’s spark ignited engines, with proceeds to
Westport of US$20,000,000.
Cummins and Westport have also agreed to conduct an initial
technical assessment of Westport’s hydrogen high pressure direct
injection system (“H2 HPDI™”) for potential use on CMI’s hydrogen
applications.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of
complementary business segments that design, manufacture,
distribute and service a broad portfolio of power solutions. The
company’s products range from diesel, natural gas, electric and
hybrid powertrains and powertrain-related components including
filtration, aftertreatment, turbochargers, fuel systems, controls
systems, air handling systems, automated transmissions, electric
power generation systems, batteries, electrified power systems,
hydrogen generation and fuel cell products. Headquartered in
Columbus, Indiana (U.S.), since its founding in 1919, Cummins
employs approximately 57,800 people committed to powering a more
prosperous world through three global corporate responsibility
priorities critical to healthy communities: education, environment
and equality of opportunity. Cummins serves its customers online,
through a network of company-owned and independent distributor
locations, and through thousands of dealer locations worldwide and
earned about $1.8 billion on sales of $19.8 billion in 2020. Learn
more at cummins.com.
About Westport Fuel Systems
Westport Fuel Systems is driving innovation to power a cleaner
tomorrow. The company is a leading supplier of advanced fuel
delivery components and systems for clean, low-carbon fuels such as
natural gas, renewable natural gas, propane, and hydrogen to the
global automotive industry. Westport’s technology delivers the
performance and fuel efficiency required by transportation
applications and the environmental benefits that address climate
change and urban air quality challenges. Headquartered in
Vancouver, Canada, with operations in Europe, Asia, North America
and South America, the company serves customers in more than 70
countries with leading global transportation brands. For more
information, visit www.wfsinc.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements,
including statements regarding growth in the heavy-duty LNG truck
market, the factors responsible for such growth, and the continued
development and production of HPDI 2.0 injectors. These statements
are neither promises nor guarantees, but involve known and unknown
risks and uncertainties and are based on both the views of
management and assumptions that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activities,
performance or achievements expressed in or implied by these
forward looking statements. These risks, uncertainties and
assumptions include those related to COVID-19, it’s duration,
effects and government responses thereto, the general economy,
solvency, governmental policies and regulation, the demand for HPDI
2.0 injectors, as well as other risk factors and assumptions that
may affect our actual results, performance or achievements or
financial position discussed in our most recent Annual Information
Form and other filings with securities regulators. In addition, the
effects and the impact of the COVID-19 outbreak, are unknown at
this time and could cause actual results to differ materially from
the forward-looking statements contained herein. Readers should not
place undue reliance on any such forward-looking statements, which
speak only as of the date they were made. We disclaim any
obligation to publicly update or revise such statements to reflect
any change in our expectations or in events, conditions or
circumstances on which any such statements may be based, or that
may affect the likelihood that actual results will differ from
those set forth in these forward looking statements except as
required by National Instrument 51-102. The contents of any
website, RSS feed or twitter account referenced in this press
release are not incorporated by reference herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20220207005305/en/
Jon Mills, Cummins Inc. +1 317-658-4540
Jon.mills@cummins.com
Christian Tweedy, Westport Fuel Systems Inc. +1 604-718-2046
invest@wfsinc.com
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