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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.
Hino Trucks announced its plan to produce medium- and heavy-duty trucks featuring Cummins B6.7™ and L9™ engines in North America, scheduled for late 2021. The partnership aims to enhance customer satisfaction through reliable performance. Additionally, Hino is accelerating its Project Z initiative for zero-emission vehicles (ZEV), with plans for low-volume production of Class 4-8 electric trucks starting in Q4 2022 and full production by 2023. Production will occur at Hino's West Virginia and Woodstock plants, utilizing engines manufactured by Cummins in North Carolina.
Cummins Inc. (NYSE: CMI) announced Nicole Y. Lamb-Hale as the new Vice President and General Counsel, effective May. She succeeds Sharon Barner, who has been promoted to Vice President and Chief Administrative Officer. Lamb-Hale brings 30 years of experience in corporate law and regulatory compliance, focusing on global trade and international law. Currently a managing director at Kroll, she has served in key roles within the U.S. Department of Commerce and international law firms. Her leadership aims to enhance Cummins' legal functions amidst global expansion.
Cummins (NYSE: CMI) announced the appointment of five new vice presidents effective March 1, enhancing its leadership team for growth and success. The leaders include Gary Johansen, Jonathon White, Jason Wang, Kurt Kuhn, and Carolyn Butler-Lee, each bringing extensive experience in their respective fields. CEO Tom Linebarger expressed confidence in their ability to drive strategy and execution amidst a rapidly changing world. These appointments align with Cummins' succession planning and leadership development goals.
Daimler Truck AG and Cummins Inc. (NYSE: CMI) have entered into a global strategic partnership focused on medium duty engine systems. The collaboration includes Cummins' investment in developing these engines for Daimler's trucks and buses, set to begin production in the latter half of the decade. This partnership aims to enhance competitiveness, drive innovation, and fulfill Euro VII emissions standards. Cummins will establish an engine plant within the Daimler Mannheim campus, ensuring compliance and efficiency in the medium duty vehicle segment.
Cummins (NYSE: CMI) announced key leadership appointments effective March 1, aimed at enhancing its growth and success. Mahesh Narang becomes Vice President & President of Components Segment, while Cary Chenanda is appointed Vice President of Cummins Emission Solutions. Marina Savelli takes the role of Vice President of Cummins Electronics and Fuel Systems. Mark Osowick and John Brockhaus are appointed Vice Presidents for Human Resources and Human Resources Operations, respectively. Cathy Buening-Griffin is appointed Vice President of Business Transformation.
Cummins (NYSE: CMI) announced leadership changes effective March 1, 2021. Tony Satterthwaite will transition to Vice Chairman, while Jennifer Rumsey will take over as President and COO. Satterthwaite has been with Cummins since 1988, holding various senior roles, and is recognized for his global perspective. Rumsey, who joined in 2000, brings extensive technical experience, having led key product developments. Both leaders are expected to guide Cummins in navigating evolving technological landscapes.
The Board of Directors of Cummins declared a quarterly cash dividend of 1.35 dollars per share, payable on March 4, 2021, to shareholders of record on February 19, 2021. This dividend reflects the company's commitment to returning value to shareholders while continuing to navigate the challenges posed by the COVID-19 pandemic.
Cummins reported earnings of approximately $1.8 billion on $19.8 billion in sales for 2020, underscoring its operational strength amidst market uncertainties.
Cummins (NYSE: CMI) and Isuzu Motors Limited have announced a significant collaboration for a global mid-range diesel powertrain along with an advanced engineering partnership. This effort, part of the Isuzu Cummins Powertrain Partnership, aims to jointly develop new diesel and alternative powertrains for global markets. The Cummins B6.7 diesel platform will power Isuzu’s medium-size trucks, starting in North America in 2021. The partnership also includes joint research in advanced technologies, working towards enhanced efficiency and emissions capabilities, with a broader goal of carbon neutrality.
Cummins reported a 4Q 2020 revenue of $5.8 billion, a 5% increase from 4Q 2019. Full year revenues fell 16% to $19.8 billion. While North America faced a 21% decline, international sales rose 12% due to strong demand in China and India. Net income for the quarter was $501 million ($3.36/share), exceeding 2019 figures. The annual EBITDA was $3.1 billion. For 2021, Cummins projects an 8-12% revenue increase. The company plans to return 75% of its operating cash flow to shareholders.
Cummins Inc. (NYSE: CMI) announced the retirement of Chief Administrative Officer Marya Rose, effective April 2021, after over 20 years with the company. Sharon Barner, Vice President and General Counsel, will succeed Rose. Under Rose's leadership, Cummins enhanced its global legal and corporate functions, improving communications and corporate responsibility initiatives. Barner, who has been with Cummins since 2012, will lead key global groups, leveraging her experience in law and commitment to diversity and inclusion.
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