In the last trading session, the stock price of Westport Fuel Systems Inc (NASDAQ:WPRT) declined more than 2% to close the day at $2.93. The decline came at a share volume of 428,047 compared to average share volume of 1.23 million. More recently, Cummins Westport Inc. reported changes to its Board and Management as per the terms of the 50/50 deal between Westport Fuel and Cummins Inc (NYSE:CMI). The changes are effective from January 1, 2018.
Thomas Rippon of Westport and Dean Cantrell of Cummins have stepped down from the firm’s Board. Jim Arthurs, the Chairman of CWI, reported that the Board of CWI would like to thank Pervez Akhtar and Rob Neitzke for their strong direction of the business over the previous three years. During that period Cummins has sold more than 23,000 natural gas engines and persisted to successfully penetrate major markets counting transit buses, on-highway trucks and refuse collection trucks.
CWI has advanced is introducing a new variety of natural gas engines for next year that establishes new standards for reliability and performance while providing near-zero emissions. The Board wants to thank Thomas Rippon and Dean Cantrell for their years of contribution and service to CWI. Their engineering and financial expertise will be missed.
Lori Thompson, the Chairman-elect, expressed that they welcome Chad Mobley, Bart van Aerle, Jim Mancuso and Timo Lehtiniitty to their new profiles with CWI. All of them bring remarkable experience and skills to the CWI team and they look forward to sustained success and growth of the business.
Cummins Westport designs, markets and engineers 6 to 12-liter spark-supported natural gas engines meant for North American commercial transportation apps such as buses and trucks. It marks as a joint venture of Cummins, a firm of complementary business segments that design, manufacture, service and distribute engines and related know-hows.