Power Solutions International Inc., a design, engineering and manufacturer of alternative-fuel power systems in Wood Dale, said it has acquired the Chicago Technical Center research and development facility from Ricardo Inc.
PSI will acquire the assets and assume the lease of the 22,400-square-foot R & D facility located in Burr Ridge and will extend employment to certain key personnel. The transaction, which is expected to be completed on April 2, is subject to various conditions, including third party consent. Terms of the deal were not disclosed.
According to PSI management, the advanced R & D facility provides three strategic benefits that will immediately provide positive impact for the company's on-road, stationary and mobile industrial engine programs: increased speed to market response; greater ability to innovate and optimize product performance and reliability; and lower cost of product development through direct control of in-house EPA and CARB-certified testing cell operations, scheduling, and management of the industry-leading engine testing center.
"We are excited to expand and strengthen our development and testing capabilities, while also increasing our capacity," said John Miller, PSI's chief executive officer. "This facility will enable us to respond more quickly, efficiently and cost-effectively to new opportunities as we continue to develop and enhance products to meet evolving market demands and fuel sources."