Cummins Closes Acquisition Of Fuel Cell Maker

Cummins Inc., the world’s largest maker of diesel engines, announced in early September that it had completed its acquisition of fuel-cell maker The Hydrogenics Company. The deal’s value was estimated at $290 million.

The acquisition was first announced June 28, when Cummins bought all the outstanding shares of Hydrogenics.

“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, chairman and CEO, Cummins Inc., in June.

“Hydrogenics has worked for 24 years to emerge as a global leader in fuel cell and hydrogen solutions in the power industry,” said Daryl Wilson, president and CEO of Hydrogenics. “We are deeply honored to now join with Cummins on the transformative journey of next generation clean power solutions.”

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 interest in Hydrogenics.

The closing was subject to customary closing conditions for a court-approved plan in Canada, including receipt of court approval pursuant to the Canada Business Corporation Act and the approval of at least 2/3 of the votes cast by shareholders of Hydrogenics as well as the approval by at least 50 percent of the votes cast by disinterested shareholders, which excludes The Hydrogen Company.