Power Solutions International Announces Strategic Supply Agreement With NACCO
Materials Handling Group, Inc.
WOOD DALE, Ill., Feb. 18, 2014 (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 announced today a multi-year supply agreement with NACCO Materials
Handling Group, Inc. ("NMHG"), the global forklift manufacturer. PSI will
supply NMHG with alternatively-fueled power systems.
The NMHG agreement marks the launch of PSI's long-term 2.0-liter and 2.4-liter
power system program, which has been in progress for two years. PSI's new
engine displacements provide more power and torque and improved fuel
efficiency at lower speeds. In late 2012, PSI earned US Environmental
Protection Agency and California Air Resources Board certification for both
systems for large spark-ignited (LSI) engines for mobile applications running
on propane and natural gas.
In addition to the 2.0-liter and 2.4-liter power systems, PSI will also
continue to supply 4.3-liter and 5.7-liter power systems to NMHG, making PSI a
supplier of internal combustion engines for NMHG's 1-ton to 8-ton forklift
applications. PSI specifically designed all four systems to run on propane and
collaborated with NMHG on development of a newly certified compressed natural
"Earning NMHG's long-term business marks a key milestone for PSI. Throughout
this partnership, we have worked hard to exceed NMHG's expectations and this
new agreement recognizes that effort," said PSI President and CEO Gary
Winemaster. "It is a significant validation for our capabilities and valued
NMHG provides the strategic leadership and global support behind Hyster® and
Yale® lift trucks, both of which are market leaders in the Americas and
worldwide. NMHG's product portfolio covers a wide range of end-user
applications in more than 700 industries. NMHG is a wholly owned subsidiary of
Hyster-Yale Materials Handling, Inc. (NYSE:HY). Hyster-Yale Materials Handling
and its subsidiaries, headquartered in Cleveland, Ohio, employ approximately
5,300 people worldwide.
The new agreement greatly expands the partnership between PSI and NMHG, which
began in 2011 when both companies collaborated on a 4.3-liter engine re-power
project. For that project, PSI re-designed precisely calibrated replacement
engines in an abbreviated three-month period. The results earned PSI the NMHG
Excellence in Performance Award for going "above and beyond expectations." The
new NMHG deal puts PSI on target to reach its goals in 2014, making the
company one of the top producers of water-cooled alternative-fueled engines in
PSI will manufacture the power systems in its Wood Dale, IL facility in the
US. However, production will likely expand in the future to the company's new
facilities in Dalian, China as needs arise to best serve the extended global
footprints of both NMHG and PSI.
For more information on PSI, visit http://www.psiengines.com.
About Power Solutions International, Inc.
Power Solutions International (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 allows 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-liters power systems, including
the 8.8-liter engine aimed at the industrial and on-road markets, including:
medium duty fleets, delivery trucks, school buses and garbage/refuse trucks.
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, agricultural and construction equipment.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements
regarding the current expectations of Power Solutions International, Inc. (the
"Company") about its prospects and opportunities.These forward-looking
statements are covered by the "Safe Harbor for Forward-Looking Statements"
provided by the Private Securities Litigation Reform Act of 1995.The Company
has tried to identify these forward looking statements by using words such as
"expect," "anticipate," "estimate," "plan," "will," "would," "should,"
"forecast," "believe," "guidance," "projection," "target" or similar
expressions, but these words are not the exclusive means for identifying such
statements. The Company cautions that a number of risks, uncertainties and
other factors could cause the Company's actual results to differ materially
from those expressed in, or implied by, the forward-looking statements,
including, without limitation, the development of the market for alternative
fuel power systems, technological and other risks relating to the Company's
development of its 8.8 liter engine, introduction of other new products and
entry into on-road markets (including the risk that these initiatives may not
be successful), the timing of new product ramps, the significant strain on the
Company's senior management team, support teams, manufacturing lines,
information technology platforms and other resources resulting from rapid
expansion of the Company's operations, changes in environmental and regulatory
policies, significant competition, global economic conditions (including their
impact on demand growth) and the Company's dependence on key suppliers.For a
detailed discussion of factors that could affect the Company's future
operating results, please see the Company's filings with the Securities and
Exchange Commission, including the disclosures under "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements" in those filings.
Except as expressly required by the federal securities laws, the Company
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, changed circumstances or future events
or for any other reason.
CONTACT: For more information about this release, please contact:
Daniel P. Gorey
Power Solutions International, Inc.
Chief Financial Officer
+1 (630) 451-2290
Power Solutions International, Inc.
Global Director of Marketing & Communications
+1 (630) 350-9400
Gary T. Dvorchak, CFA
Senior Vice President
+1 (310) 954-1123
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