Cummins To Acquire Cummins Westport JV's Intellectual Property For $20 Mln

(RTTNews) - Cummins Inc. (CMI), a maker of engines, filtration, and power generation products, and Westport Fuel Systems Inc. (WPRT), said on Monday that Cummins will buy Westport's interest in intellectual property of Cummins Westport Joint Venture or JV, for $20 million. Earlier, the JV's intellectual property was developed by the both parties to support spark ignited engines of the venture.

The move serves as part of the decision agreed for the sale of Westport's stake in the Cummins Westport JV, with Cummins as the sole owner. Effective December 31, the JV was terminated.

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.