WOOD DALE -- Weichai America increased its share of ownership of diesel and alternative power engine manufacturer Power Solutions International to 51 percent, the company recently announced.
Weichai exercised its right to purchase additional 4 million shares of PSI common stock in the company, bringing its total to 11.7 million shares. The purchase was worth about $1.6 million to PSI. the company said in a statement.
Waichai America, a subsidiary of Chinese car parts and power system conglomerate Weichai Power Co., Ltd., announced it would invest $60 million into PSI in March 2017. The investment opened PSI to Weichai's international manufacturing facilities and supply chain network.
"Our decision to increase our ownership in PSI reflects the success of our partnership and our confidence in the business going forward," said Shaojun Sun, chairman of the board of PSI and director of Weichai Group Holdings Limited. "We will continue to work closely with PSI's management team to develop and introduce additional products to the market, expand PSI's presence overseas and identify opportunities to generate shareholder value."
PSI CEO John Miller added the two companies have benefitted from the agreement.
"We look forward to further collaboration as we expand our company's range of products," he added.