Co-ops Between Weichai America Corp. and PSI to Bring Win-win Result
www.chinatrucks.com: From June 3rd to 6th American local time, Tan xuguang, chairman and CEO of Weichai Power and his delegation paid a visit to Power Solutions International, Inc. (“PSI” or the “Company”). During the visit, Mr. Tan not only heard a report on work from PSI management team, R&D team and marketing team, had cordial chat with workers at the production line, but also presented a keynote speech to thousands of staff in PSI.
Aa early as March this year, PSI a leader in the design, engineer and manufacture of emissions-certified, alternative-fuel power systems announced a share purchase agreement with Weichai America Corp. (“Weichai America”), who invested $60 million in PSI through a combination of newly issued common equity and preferred shares. Weichai America is a fully owned subsidiary company of Weichai Power Co., Ltd. (“Weichai”), a China-based leading global designer and manufacturer of diesel engines, having sold more than 4 million heavy duty diesel engines, with products sold in more than 110 countries around the world.
Weichai is an international company with 80 thousand employees worldwide and revenue of roughly 20 billion dollars in 2016, about half revenue comes from overseas market. The two companies have also agreed to a strategic collaboration agreement under which they will work together to accelerate market penetration opportunities for each company’s respective product lines across various geographic markets and end user segments. Through the alliance, PSI will gain access to Weichai’s international manufacturing facilities and supply chain network.
Tan xuguang points out that the establishment of strategic cooperation between Weichai will enable PSI to broaden its existing product portfolio and contribute to its development under the support from global supplying system.
According to Tan xuguang, the cooperation with PSI is not limited to investment in PSI, it also includes the diesel engine technology and rich resources. Under the great efforts made by PSI management team and the staff, we believe that the alliance will provide support for PSI and finally bring a win-win result for both parties.
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