March 27, 2017 / 8:26 PM / 5 months ago

BRIEF-Power Solutions International announces agreement with Weichai America Corp

March 27 (Reuters) - Power Solutions International Inc -

* Announces strategic investment and collaboration agreement with Weichai America Corp

* To invest $60 million in power solutions

* PSI will gain access to Weichai's International manufacturing facilities and supply chain network

* Part of agreement, Weichai America will purchase 2.7 million newly issued shares of common stock of PSI at $8.00 per share

* Says Weichai will also purchase 2.4 million shares of series B convertible perpetual preferred stock of company

* Under terms of strategic collaboration agreement, PSI, Weichai have identified specific areas of initial cooperation

* $60 million in total proceeds will be used as to refinance company's debt structure

* PSI and Weichai will establish a steering committee to oversee implementation of strategic collaboration

* On date of closing, size of company's board of directors will be increased to seven

* Company will appoint as directors 2 individuals designated by Weichai America, 1 of whom will be chairman of board Source text for Eikon: Further company coverage:

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