Cummins Inc. - CMI STOCK NEWS

Cummins Inc. (NYSE: CMI) has launched new 175kW and 200kW natural gas standby generator sets, available for North American customers. This initiative aligns with the company’s Destination Zero strategy aimed at achieving zero emissions. These generator sets boast industry-leading power density and exceptional reliability, featuring a robust 6-cylinder engine and advanced PowerCommand® control systems. Designed for a variety of stationary standby applications, these solutions cater to commercial, government, and healthcare sectors, emphasizing Cummins' commitment to sustainable technology. For further details, visit cummins.com/generators/qsj89g.

Cummins Inc. is launching the RESILIENT READERS BOOK CLUB in Indianapolis to enhance access to quality Black literature for school-age children. This initiative, supported by Cummins' Advocating for Racial Equity (CARE) program, aims to address educational disparities affecting Black students in Indiana, where only 33% of fourth graders read proficiently. The launch, scheduled for March 6, will feature curated book boxes and community engagement activities. The partnership involves local organizations, including The 15 White Coats and Black Worldschoolers Mobile Bookstore, and emphasizes diversity, equity, and inclusion in education.

Cummins Inc. (NYSE: CMI) has announced that its Filtration division, Atmus Filtration Technologies, filed a Form S-1 with the SEC for an initial public offering (IPO) of common stock. The IPO will seek listing on the NYSE under the symbol ATMU, with share numbers and pricing yet to be determined. The offering is anticipated to begin following SEC review and subject to market conditions. Atmus Filtration, established in 1958, specializes in filtration products for commercial vehicles and various equipment sectors, led by CEO Steph Disher. This announcement does not constitute a sale or an offering of securities before effective registration.

Cummins Inc. (NYSE: CMI) has appointed three new vice presidents effective March 1: Jane Beaman, Andreas Lippert, and José Samperio. These promotions reflect Cummins' commitment to leadership development and succession planning. Beaman, now leading the Global Bus Business, is tasked with navigating the energy transition market. Lippert will focus on New Power Engineering, identifying growth opportunities in emerging technologies. Samperio, overseeing North America's On-Highway division, is expected to enhance customer relationships and drive revenue growth. These leadership changes are pivotal for Cummins' ongoing strategy towards zero emissions.

Cummins is advancing its project to develop battery charging and hydrogen fueling stations along the I-80 Midwest Corridor, supported by the Biden Administration's recent funding announcement for the National Network of Electric Vehicle Chargers. The Bipartisan Infrastructure Law allocates $7.5 billion for EV charging and $10 billion for clean transportation. Cummins' Medium-Duty, Heavy-Duty Zero Emissions Vehicle (MD-HD ZEV) initiative is crucial for supporting 30% of the expected MD-HD fleet transition to ZEV technologies by 2035, impacting millions across 23 states. The project aligns with Cummins’ Destination Zero strategy aimed at achieving net-zero emissions by 2050.

Cummins Inc. (NYSE: CMI) has launched the ISL9 diesel engine, now available in military applications with up to 540 horsepower. This engine is recognized for its reliability across various equipment, including armored personnel carriers and logistical trucks. Optimizing the 9-litre engine has led to a 20% power increase and torque capability of up to 1,900 Nm. The ISL9's compact design and efficiency make it suitable for demanding military environments, allowing vehicles to carry heavier loads without compromising speed. Engines are currently available for integration and testing through local representatives.

Cummins expands its partnership with Water.org, committing over $500,000 in grants to provide essential water infrastructure in Peru and the Philippines. This initiative is part of Cummins Water Works, aimed at addressing the global water crisis and producing net water benefits exceeding the company's annual consumption under its PLANET 2050 sustainability strategy. The grants will support communities in financing plumbing, pumps, and sanitation services, benefiting millions who currently lack reliable access to safe water. To date, the partnership has improved water access for over 400,000 people in various countries.

The Board of Directors of Cummins Inc. (NYSE: CMI) has declared a quarterly cash dividend of $1.57 per share, scheduled for payment on March 9, 2023, to shareholders of record as of February 24, 2023. This action reflects the company's commitment to returning value to shareholders. Cummins, a leader in power solutions, reported a net income of $2.2 billion on $28.1 billion in sales for 2022, underscoring robust business performance. The company operates through various segments, providing a diverse portfolio of powertrains and related components globally.