Cummins Inc. said Wednesday it was buying the U.K. automotive battery systems business from London-based Johnson Matthey PLC for an undisclosed amount.
As part of the deal, Cummins, which makes diesel and natural gas engine and related systems, and Johnson Matthey have agreed to collaborate on developing high-energy battery materials for commercial heavy-duty applications.
“The addition of Johnson Matthey Battery Systems’ technical expertise and customer base in markets that are more rapidly adopting electrification further positions us as a global energy storage supplier,” said Cummins Chief Executive Tom Linebarger.
“By combining our electrification capabilities, portfolio of diverse power solutions, and global network, Cummins is uniquely positioned to lead in electrification.”
Cummins’ stock was indicated up nearly 1% in premarket trade, while Johnson Matthey’s U.K.-listed shares was rallying 1.9%. Over the past 3 months, Cummins’ stock has gained 5.9% through Tuesday, while Johnson Matthey shares have slipped 0.4% and the S&P 500 has climbed 9.6%.
By Tomi Kilgore
Source: MarketWatch
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