Columbus-based Cummins Inc. (NYSE: CMI) says it has agreed to purchase the remaining share of its joint venture with Westport Fuel Systems Inc. (Nasdaq: WPRT) in Canada. The joint venture, which ended on December 31, was created for the development of natural gas engines.
Per the terms of the agreement, Cummins will acquire Westport’s sake in the joint venture, as well as the intellectual property developed by the venture for $20 million.
The joint venture called for the design, engineering and marketing of mid-range, on-road, spark-ignited natural gas engines based on Cummins diesel engines manufactured in Cummins facilities.
Cummins says it will continue to operate the business as the sole owner.