Power Solutions International Announces Development Agreement With AVIC Subsidiary
Strategic Agreement Further Reinforces On-Road Penetration in China
WOOD DALE, Ill., Nov. 17, 2015 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (PSI) (NASDAQ:PSIX), a leader in the design, engineering and manufacture of emissions-certified alternative-fuel and conventional power systems, today announced a technical development agreement with Jiangsu NEOC Automotive Co., Ltd, a subsidiary of Aviation Industry Corporation of China (AVIC), a Fortune Global 500 aircraft, defense and automotive company based in Beijing.
PSI will provide AVIC with engineering and technical consulting associated with the delivery and integration of a customized gasoline powertrain into a medium-size bus application currently under development by Jiangsu NEOC Automotive. The new power system will feature a 4.8-liter, V-8 GM gasoline engine and a GM 6L90 automatic transmission. Based in Nantong City, Jiangsu NEOC Automotive is one of China’s leading bus manufacturers, with a wide range of alternative-fueled products.
“We firmly believe that this agreement is a strong first step toward a successful, long-term business relationship with AVIC. We are confident that this is the first of many new programs we can develop together,” said Rick Nielsen, PSI’s Executive Vice President of Global Business Development. “This strategic deal is PSI’s latest achievement as it expands its penetration of the on-highway opportunity in China with new partners and new applications.”
"The latest agreement further demonstrates the successful progress of our growth strategy in China. We are creating close relationships with many of the leading on-road OEMs there,” said Gary Winemaster, PSI's Chairman and Chief Executive Officer. ”As Chinese companies and the government continue to seek diesel alternatives, we are well-positioned to deliver the products they need.”
Many OEMs in China are exploring alternatives to diesel platforms, including gasoline, due to the growing costs and complexity associated with meeting new and future diesel emission regulations. Global concerns over the viability of “clean” diesel are likely to increase in light of Volkswagen’s recent emissions scandal, as the company faces potential fines, lawsuits and recalls.
About Power Solutions International, Inc. Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial and on-road markets. The Company's unique in-house design, prototyping, engineering and testing capacities allow PSI to customize clean, high-performance engines that run on a wide variety of fuels, including natural gas, propane, biogas, diesel and gasoline.
PSI develops and delivers complete .97 to 22-liter power systems, including the 8.8-liter engine aimed at the industrial and on-road markets, including medium duty fleets, delivery trucks, school buses, RV and commercial chassis. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, arbor, agricultural and construction equipment.
Acquired in April 2014, Professional Power Products, Inc. (3PI), is a leading designer and manufacturer of large, custom-engineered, integrated electrical power generation systems serving the global diesel and natural gas power generation market. 3PI specializes in power generation systems for standby, prime, and Co-generation (CHP) power applications.
About AVIC The Aviation Industry Corporation of China (AVIC) was founded on November 6th, 2008 through the restructuring and consolidation of the China Aviation Industry Corporation (AVIC) and the China Aviation Industry Corporation Ⅱ (AVIC Ⅱ). We are centered on aviation and provide complete services to customers in many sectors - from research and development to operation, manufacturing and financing. Our business units cover defense, transport aircrafts, engines, helicopters, avionics and systems, general aviation, research and development, flight testing, trade and logistics, assets management, finance services, engineering and construction, automobiles and more. We have over 140 subsidiaries, nearly 30 listed companies and more than 500,000 employees. In 2014, AVIC ranked 178th among the newly published Fortune Top 500 enterprises.
Power Solutions International, Inc.
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(November 17, 2015 - 8:01 AM EST)
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