Cummins to Purchase Remaining Shares in the former Cummins Westport Joint Venture from Westport Fuel Systems
February 07 2022 - 8:00AM
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.
Contacts:
Jon Mills,
Cummins Inc. |
Christian
Tweedy, Westport Fuel Systems Inc. |
+1 317-658-4540 |
+1 604-718-2046 |
Jon.mills@cummins.com |
invest@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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