Cummins announced Friday it has agreed to acquire Hydrogenics Corporation, a developer and manufacturer of hydrogen fuel cell modules and hydrogen generation equipment.
As a part of the transaction, The Hydrogen Company, a wholly-owned subsidiary of L’Air Liquide, S.A., and Hydrogenics’ largest equity shareholder, will maintain ownership in the company.
Cummins Chairman and CEO Tom Linebarger called Hydrogenics “one of the world’s leading fuel cell and hydrogen generation equipment providers,” and said Cummins looked forward to formally closing the deal, at which time “we will share more details about the acquisition and our strategy to offer a broad portfolio of power solutions to meet our customers’ needs.”
Following the unanimous recommendation of the special committee of Hydrogenics Board of Directors, all non-interested directors of Hydrogenics have already approved the transaction and have recommended that Hydrogenics shareholders vote in favor of the transaction that offered $15 per share in cash.
“It takes vision and an innovative spirit to take on next generation technologies and provide the environment for them to grow,” Hydrogenics President and CEO Daryl Wilson said. “Hydrogenics has worked for 24 years to emerge as a global leader in fuel cell and hydrogen solutions in the power industry. We are deeply honored to now join with Cummins on the transformative journey of next generation clean power solutions.”