Cummins to acquire Hydrogenics Corporation for $290m.

Cummins, an American Fortune 500 corporation that designs, manufactures, and distributes engines, filtration, and power generation products, to acquire Hydrogenics Corporation, a developer and manufacturer of hydrogen generation and fuel cell products, for $290m. The consideration represents a premium of 21.6% over the 30-day volume-weighted average price of the Hydrogenics shares on NASDAQ. “It takes vision and an innovative spirit to take on next generation technologies and provide the environment for them to grow,” said Daryl Wilson, President and CEO, Hydrogenics. “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.”