logo
  

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

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Specialty athletic retailer Foot Locker, Inc. reported Friday a second-quarter net profit that plunged from last year, hurt by a sales decline amid markdowns. Quarterly sales met Street estimates. The company also trimmed it adjusted earnings and sales growth guidance for the full-year 2022. Google's hundreds of employees have signed a petition sent to executives demanding extension of abortion care benefits to contract workers. The workers also called to halt donations given to anti-abortion politicians and to expand travel benefits. The petition, circulated by the Alphabet Workers Union, has been signed by over 650 employees at Google's parent company Alphabet Inc. Apple Inc. has released an emergency security update noting that some of its iPhones, iPads and Macs had certain vulnerabilities. The tech major said the flaws potentially allow full admin access to devices. The models affected by the issue include iPhone 6S and later models, several models of the newer iPads, and Mac computers running macOS Monterey and above. The flaws also affect the iPod Touch
RELATED NEWS
Follow RTT