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 gas system.
"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 partnership."
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 the world.
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
dan.gorey@psiengines.com
Jeremy Lessaris
Power Solutions International, Inc.
Global Director of Marketing & Communications
+1 (630) 350-9400
jlessaris@psiengines.com
Investor Relations:
ICR, LLC
Gary T. Dvorchak, CFA
Senior Vice President
+1 (310) 954-1123
gary.dvorchak@icrinc.com
