Cummins, Westport expand partnership
VANCOUVER, B.C. (Dec. 17, 2003) — Westport Innovations of Vancouver and Cummins Inc. have extended their Cummins Westport joint venture to develop markets for alternative fuel engines. The two companies have signed a Technology Partnership Agreement that creates a flexible arrangement for future technology development between Cummins and Westport.
CWI will continue as a 50/50 joint venture. Cummins has agreed to convert its preferred share interest in CWI, and as of January 1, 2004, both Westport and Cummins will hold equal numbers of common shares in CWI.
Cummins Westport Inc. (CWI) was originally formed as a joint venture company in March 2001 to explore a range of product and technology opportunities using natural gas as fuel. Westport provides personnel, financing and key technologies for the venture, while Cummins provided an existing product line, manufacturing, product distribution and customer service functions, as well as key management and engineering personnel.
Some of CWI’s past achievements include the development and release of the industry-leading “Plus” line of mid-range natural gas and propane engines; significant technical achievements in the development of low-emissions engines that maintain high performance and fuel efficiency; technology demonstrations in both trucking and power generation and increased product sales in markets around the world, including China.
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