Westport Inks Deal with Caterpillar to Develop Natural Gas Technology for Off-Road Equipment, Shares Soar 19% 06/05 10:29 AM
10:29 AM EDT, 06/05/2012 (MidnightTrader) -- Westport Innovations (WPRT:$26.75,00$4.48,0020.12%) is up 19% after the company inked agreements with Caterpillar Inc. (CAT:$84.07,00$0.81,000.97%) to co-develop natural gas technology for off-road equipment, including mining trucks and locomotives. Caterpillar (CAT:$84.07,00$0.81,000.97%) and Westport will combine technologies and expertise, including Westport High Pressure Direct Injection technology and Caterpillar's (CAT:$84.07,00$0.81,000.97%) off-road engine and machine product technology, to develop the natural gas fuel system. Caterpillar (CAT:$84.07,00$0.81,000.97%) will fund the development program. When the products go to market, Westport expects to participate in the supply of key components. Development programs will start immediately for both new and existing engines, combustion technology and fuel systems. Commercial production is expected to begin in about five years. WPRT is trading at $26.42 a share on a 52-week range of $19.66 - 50.19, while CAT is up 0.7%, trading at $83.82 on a 52-week range of $67.54 - 116.95. Price: 26.42, Change: +4.16, Percent Change: +18.95 http://www.midnighttrader.com
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