Cummins Inc. - CMI STOCK NEWS

Cummins Inc. (CMI) has released its 2023-2024 Sustainability Progress Report, highlighting the company's commitment to environmental sustainability and innovation. Key points include:

1. PLANET 2050 strategy aims to reduce absolute GHG emissions from facilities by 50% and from newly sold products by 25% by 2030.

2. Destination Zero product decarbonization strategy focuses on advancing cleaner engine-based solutions and developing zero-emissions technologies.

3. 24 onsite solar projects completed in 2023, reducing over 14,486 metric tons of CO2e annually.

4. Partnership with Chevron U.S.A. Inc. to improve access to alternative and renewable fuels.

5. Cummins Water Works program has helped over 1.2 million people and generated 6.9 billion gallons in annual water benefits since 2021.

Cummins Inc. (CMI) has released its 2023-2024 Sustainability Progress Report, marking 20 years of publication. The report highlights how sustainability and ESG issues have been integral to Cummins' long-term business strategy for decades. Key points include:

1. ESG oversight by the Board of Directors through various committees
2. Alignment of ESG strategy with business strategy
3. Consistent reporting using frameworks like GRI, CDP, TCFD, and SASB
4. Publication of a Human Capital Management Report since 2021
5. Evolving report format for improved readability

Cummins emphasizes its commitment to reducing environmental impact, supporting communities, and promoting diversity and inclusion. The company's Executive Director of Global Risk oversees ESG strategic direction and serves as the primary contact for the board and executive management team on these matters.

Cummins has secured a $75 million grant from the Department of Energy to convert 360,000 sq. ft. of its Columbus Engine Plant (CEP) for zero-emissions and electric powertrain systems manufacturing. This is the largest federal grant awarded solely to Cummins and part of the Inflation Reduction Act appropriations. Cummins will match the grant, investing a total of $150 million. The project aims to enhance the production of battery packs, powertrain systems, and BEV components for its zero-emissions segment, Accelera by Cummins. This initiative will create approximately 250 full-time jobs and result in significant greenhouse gas emission reductions. CEP will eventually house 350 employees dedicated to BEV-related work, converting nearly half of its 1.42 million sq. ft. facility. CEO Jennifer Rumsey and Accelera President Amy Davis highlighted this move as important for the company's Destination Zero strategy and commitment to a zero-emissions future.

Cummins has released its 2023-24 Sustainability Progress Report, highlighting significant strides in environmental, social, and governance (ESG) goals.

Key achievements include a 31% reduction in Scope 1 and 2 greenhouse gas emissions, completion of 24 onsite solar projects, and implementation of 89 energy efficiency projects.

The company achieved record revenues of $31.4 billion and operating cash flow of $4.0 billion in 2023, thanks to its 'Destination Zero' strategy aimed at decarbonization.

Community initiatives such as Cummins Water Works have greatly benefitted global communities, producing an additional billion gallons of water benefits.

Emphasis on diversity, equity, and inclusion (DE&I) is evident as 40% of the U.S. workforce are People of Color and four out of five business segments are led by women.

The full report is available on Cummins' Sustainability Progress Report site.

Cummins (NYSE: CMI) announced an 8.3% increase in its quarterly common stock dividend, raising it from $1.68 to $1.82 per share. Shareholders of record on August 23, 2024, will receive the new dividend, payable on September 5, 2024. This marks the 15th consecutive year of dividend increases, highlighting Cummins' commitment to returning value to its shareholders.

Chemours (NYSE: CC) has appointed Livingston “Tony” Satterthwaite to its Board of Directors, effective June 12. Tony, currently a Senior VP at Cummins, brings over 35 years of leadership experience. He has held leadership roles at Cummins, including President of Power Generation and COO. Tony will retire from Cummins in September 2024. He also serves on the boards of IDEX , the National Association of Manufacturers, and the Cummins Foundation. Tony holds an MBA from Stanford and a civil engineering degree from Cornell. Chemours’ leadership expresses confidence in Tony’s expertise to drive business growth.

Cummins-Meritor has announced the return of its in-person aftermarket parts training sessions for 2024. These sessions focus on heavy-duty commercial vehicle brakes, covering both cam and air disc brake systems. Scheduled from June through November, events will take place in 14 U.S. cities including Atlanta, Philadelphia, and Seattle. Each training is a 4-hour session available in both morning and afternoon slots, aiming to minimize operational disruption for technicians. Topics include brake adjustment, brake balance, RSD, and diagnostic procedures. These in-person sessions complement their online portal, BullPen, which provides 24/7 access to training modules. Registration is mandatory due to capacity.

Tony Satterthwaite, Senior Vice President at Cummins (NYSE: CMI), will retire in September 2024 after a 36-year career. Satterthwaite's tenure included significant growth and innovation, particularly in the Power Generation Business. He led several successful product launches and expanded the company's reach internationally. Jennifer Rumsey, CEO, praised his leadership, especially during the COVID-19 pandemic. Satterthwaite also focused on investing in people, building strong leaders within the company. His departure marks the end of an era, having held critical sales, regional, and business leadership roles, and serving on various boards.

Accelera by Cummins, a zero-emissions business segment, unveiled new hydrogen fuel cell engines, high-efficiency eAxle, and next-gen batteries at the ACT Expo on May 20 in Las Vegas. The new FCE300 and FCE150 fuel cell engines offer increased power density, improved efficiency, and advanced durability. The 14Xe eAxle provides increased energy efficiency and is designed for heavy-duty and medium-duty applications. Accelera's BP104E battery platform promises superior performance and fast charging capabilities, with production planned for 2027. These innovations support the transition to zero emissions in commercial transportation.