- Cummins Inc. (NYSE:CMI) has agreed to acquire the remaining stake in the former Cummins Westport Joint Venture from Westport Fuel Systems Inc. (NASDAQ:WPRT). Financial terms were not disclosed.
- CMI will operate the business as the sole owner. The Cummins Westport Inc. joint venture agreement terminated effective December 31, 2021.
- Cummins will also buy Westport’s interest in the intellectual property developed by the JV in support of the JV’s spark-ignited engines, with proceeds to Westport of $20 million.
- Additionally, the parties 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.
- Cummins held cash and equivalents of $2.59 billion as of December 31, 2021.
- Also read: Cummins Reports Mixed Q4 Results; Expects China Demand To Moderate In FY22.
- Price Action: CMI shares are trading lower by 0.28% at $227.95 and WPRT higher by 4.57% at $1.95 on the last check Monday.
