Cummins To Take Full Control Of Former JV With Westport - Westport Fuel Systems (NASDAQ:WPRT), Cummins (NYSE:CMI)

Cummins Inc. CMI has agreed to acquire the remaining stake in the former Cummins Westport Joint Venture from Westport Fuel Systems Inc. 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.