Cummins acquired all outstanding shares of fuel-cell systems provider Hydrogenics Corp. in a transaction valued at about $290 million. According to a Cummins statement, all “non-interested” directors of the board of Hydrogenics have approved the transaction. They recommend that Hydrogenics shareholders vote in favor of the transaction.
"We are excited that Cummins has reached an agreement with Hydrogenics to welcome the employees and innovations of one of the world’s leading fuel cell and hydrogen generation equipment providers to our company," said Tom Linebarger, Cummins chairman and CEO, in the statement. “Upon closing, we will share more details about the acquisition and our strategy to offer a broad portfolio of power solutions to meet our customers’ needs."
As a part of the transaction, The Hydrogen Company, a wholly owned subsidiary of L’Air Liquide, S.A., and Hydrogenics’ current largest equity shareholder, will maintain its ownership in Hydrogenics.
The transaction is expected to close in the third quarter of 2019.