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Cummins Signs Deal to Buy Remaining Shares in Westport Joint Venture

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Cummins Inc. and Westport Fuel Systems Inc. have signed an agreement for Cummins to purchase Westport’s shares in their joint venture, with CMI continuing to run the company as the sole owner.

As per a press release, the Cummins Westport Inc. joint venture agreement ended on December 31, 2021.

As part of the deal, Cummins also will acquire Westport’s interest in the joint venture’s intellectual property developed by the partnership to support its spark-ignited engines. Proceeds to Westport amount to $20,000,000.

Cummins and Westport will also perform an initial technical assessment of Westport’s hydrogen high-pressure direct injection system (H2 HPDI) for possible use on CMI’s hydrogen-related 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

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Modern Campground

Modern Campground

Modern Campground is the most innovative news source in the Outdoor Hospitality industry. We provide global news coverage for RV Park and Campground owners, operators, managers, and their team members.
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Hi, you might find this article from Modern Campground interesting: Cummins Signs Deal to Buy Remaining Shares in Westport Joint Venture! This is the link: https://moderncampground.com/usa/cummins-signs-deal-to-buy-remaining-shares-in-westport-joint-venture%ef%bf%bc/