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June 28, 2019 4:30 PM, EDT

Cummins in Agreement to Acquire Hydrogenics

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Cummins Inc. has entered into an agreement to acquire fuel cell systems provider Hydrogenics Corp. for about $290 million, or $15 per share, the independent engine maker said.

Carlsbad, Calif.-based Hydrogenics’ products include fuel cells for electric vehicles, such as urban transit buses, commercial fleets, utility vehicles and electric lift trucks.

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The transaction is awaiting approval by Hydrogenics’ shareholders as well as regulators.

As part of the transaction, The Hydrogen Co., a wholly owned subsidiary of L’Air Liquide, and Hydrogenics’ largest equity shareholder, will maintain its ownership in Hydrogenics, according to Columbus, Ind.-based Cummins.

“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,” Cummins Chairman and CEO and Tom Linebarger said in a release. “We look forward to partnering closely with Hydrogenics’ team in the coming weeks as we work toward closing the transaction. 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.” — Transport Topics