Welcome to our dedicated page for Cummins news (Ticker: CMI), a resource for investors and traders seeking the latest updates and insights on Cummins stock.
Cummins Inc., headquartered in Columbus, Indiana, is a global leader in power solutions. The company designs, manufactures, distributes, and services diesel and natural gas engines and related technologies. This includes fuel systems, controls, air handling, filtration, emission solutions, and electrical power generation systems. With a workforce of approximately 75,500 employees, Cummins operates in around 190 countries through a network of 600 company-owned and independent distributors and 7,200 dealer locations.
Cummins' product portfolio is highly diversified. It includes engines used in commercial trucks, off-highway machinery, and railroad locomotives. The company also manufactures standby and prime power generators and powertrain components such as transmissions, turbochargers, aftertreatment systems, and fuel systems. Cummins has maintained its position as the top manufacturer of diesel engines despite intense competition and stringent government regulations on carbon emissions.
One of Cummins' recent achievements is the inauguration of a new state-of-the-art facility in Jamshedpur, India, in partnership with Tata Motors. This facility focuses on producing hydrogen-based internal combustion engines for medium and heavy commercial vehicles, reflecting the company's commitment to sustainable and zero-emission technologies. This project aligns with Cummins' long-term sustainability plan, PLANET 2050, aimed at addressing climate change and resource use while improving communities globally.
Cummins continues to expand its technological capabilities to support its Destination Zero strategy, which aims to advance decarbonization and offer customers a wide range of zero-emission products. In 2023, the company reported earnings of $735 million on sales of $34.1 billion, indicating a robust financial performance. Cummins remains committed to its core principles of sustainability, innovation, and customer success, driven by its vast technological expertise and global manufacturing network.
Cummins Inc. has announced the appointment of Jennifer Rumsey as its seventh CEO, effective August 1, 2022. The announcement was made during a news conference on July 14, 2022, led by Chairman Tom Linebarger. Rumsey previously served as the company's President and COO. This leadership transition occurs at the company's global headquarters in Columbus, Indiana, highlighting Cummins' commitment to strong leadership as it navigates future challenges.
Cummins Inc. (NYSE: CMI) has appointed Jennifer Rumsey as the new CEO, effective August 1, 2022. She becomes the first woman to lead the company since its founding in 1919. Tom Linebarger, the outgoing CEO, will transition to the role of Chairman of the Board and Executive Chairman, collaborating with Rumsey on strategic initiatives, including the acquisition of Meritor. Rumsey brings over 20 years of experience in various roles, having recently overseen global operations as COO, where she achieved record revenues despite supply chain challenges.
The Board of Directors of Cummins Inc. (NYSE: CMI) has announced an 8% increase in its quarterly cash dividend, raising it from $1.45 to $1.57 per share. This dividend is set to be paid on September 1, 2022, to shareholders recorded as of August 19, 2022. Cummins, a leading global power solutions provider, reported $2.1 billion in earnings from $24.0 billion in sales for 2021.
Cummins Inc. (NYSE:CMI) has elected Gary Belske to its Board of Directors. Belske brings 38 years of experience from Ernst & Young, where he was the Deputy Managing Partner and COO for the Americas. His expertise in financial reporting is expected to enhance board strength and transparency. He has served on several boards, including Ernst & Young’s Americas and U.S. Boards, and has held various leadership roles. This addition aims to strengthen Cummins' governance and operational strategies amidst a competitive landscape.
Cummins Inc. (NYSE: CMI) announces leadership changes in its Power Systems segment. After 25 years, Norbert Nusterer departs, with Jenny Bush, Vice President of Cummins Sales and Service – North America, taking over on August 1. Nusterer has made significant contributions in various roles, enhancing financial performance and business operations. Bush brings extensive experience in power generation and has successfully transformed the North American distribution business, improving stakeholder engagement, operational efficiency, and cost savings, positioning her well for the new role.
Cummins Inc. (NYSE: CMI) and Komatsu Ltd. have signed a memorandum of understanding to develop zero-emissions haulage equipment. This collaboration aims to leverage Cummins' hydrogen fuel cell technologies and Komatsu's expertise in mining equipment. The focus will be on creating power-agnostic trucks capable of utilizing various energy sources. Both companies target significant reductions in carbon emissions, aligning with their strategies for sustainability and carbon neutrality by 2050. This partnership builds on Cummins' history in the mining sector.
Hyliion Holdings Corp (NYSE: HYLN) partners with Cummins Inc (NYSE: CMI) to enhance the Hypertruck ERX powertrain, optimizing Cummins' natural gas engine for use as a generator. This collaboration aims to secure environmental certifications for sustainable trucking solutions. The Hypertruck ERX promises 75 miles of electric range and up to 1,000 miles through natural gas, accessing over 700 refueling stations in North America. Production of this eco-friendly solution is expected to commence in late 2023.
Chevron has entered into agreements to supply renewable natural gas for a demonstration of Walmart's heavy-duty trucks integrated with Cummins' new 15-liter natural gas engine. The collaboration aims to help Walmart achieve its goal of zero emissions by 2040. Chevron will link the renewable natural gas to compressed natural gas for the trucks, sourced from biomethane produced from organic waste. This partnership highlights Chevron's commitment to decarbonization and sustainable energy solutions for fleet operators.
On May 26, 2022, Meritor, Inc. (NYSE: MTOR) announced that its shareholders approved the acquisition by Cummins Inc. (NYSE: CMI) at a special meeting. CEO Chris Villavarayan emphasized the strategic importance of this merger in enhancing powertrain components and electrified solutions for commercial vehicles. The transaction is anticipated to close by the end of 2022, pending regulatory approvals. Meritor aims to maintain customer support during this transition. Further details, including voting results, will be available in a Form 8-K filing with the SEC.
Cummins Inc. (NYSE: CMI) and Daimler Truck North America are collaborating to enhance Freightliner Cascadia trucks with a Cummins hydrogen fuel cell powertrain. This partnership aims to reduce emissions and will see initial units ready for select customers in 2024. The fourth-generation fuel cell provides improved power density, efficiency, and durability, aligning with both companies' goals for zero-emissions transport. The collaboration marks a significant milestone in advancing hydrogen technology within the heavy-duty trucking sector.
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