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Overview of Cummins Inc.
Cummins Inc. (NYSE: CMI) is a globally renowned power technology leader, headquartered in Columbus, Indiana, USA. The company designs, manufactures, distributes, and services a comprehensive range of power solutions, including diesel and natural gas engines, powertrain components, emission control systems, fuel systems, and electrical power generation systems. With operations in approximately 190 countries and territories through a vast network of 600 company-owned and independent distributor locations and 7,200 dealer locations, Cummins has established itself as a cornerstone in powering industries worldwide.
Core Business Areas
Cummins operates across a range of complementary business segments that cater to diverse industries such as transportation, construction, agriculture, defense, and energy. Its product portfolio includes:
- Engines: High-performance diesel and natural gas engines used in commercial trucks, off-highway machinery, and locomotives.
- Powertrain Components: Turbochargers, transmissions, aftertreatment systems, and fuel systems that enhance vehicle efficiency and performance.
- Power Generation: Standby and prime power generators, microgrid solutions, and energy storage systems for industrial and commercial use.
- Electrification and Zero-Emissions Solutions: Through its Accelera™ by Cummins brand, the company develops hydrogen fuel cells, electrolyzers, and battery-electric power systems to support the global energy transition.
Commitment to Sustainability
Cummins is at the forefront of addressing climate change through its ambitious PLANET 2050 environmental sustainability strategy and Destination Zero initiative. The company has set bold goals to reduce greenhouse gas emissions, improve energy efficiency, and transition to zero-emissions technologies. Notable achievements include:
- A 31% reduction in absolute greenhouse gas emissions from facilities compared to 2018 levels.
- Development of fuel-agnostic engine platforms and green hydrogen production technologies.
- Innovative projects like waterborne paint transitions and energy-efficient manufacturing upgrades to reduce VOC emissions and operational waste.
These efforts underscore Cummins' dual mission: enabling customer success while contributing to a more sustainable and prosperous world.
Competitive Positioning
Cummins competes in a dynamic marketplace where it often faces competition from its own customers, such as heavy-duty truck manufacturers that produce their own engines. Despite this, the company maintains a strong competitive edge through:
- Diversified Portfolio: Its broad range of products ensures it can meet the unique needs of various industries and applications.
- Technological Innovation: Cummins invests heavily in R&D, focusing on both improving traditional technologies and pioneering zero-emissions solutions.
- Global Reach: A robust distribution network and strong customer relationships across 190 countries solidify its market presence.
Future Outlook
Cummins is strategically positioned to navigate the energy transition while continuing to grow its core business. By embracing a technology-neutral approach, the company offers solutions tailored to the diverse needs of its customers, from advanced diesel engines to hydrogen-powered systems. Its investments in innovation, sustainability, and global partnerships ensure it remains a key player in the evolving power technology landscape.
Why Cummins Matters
As industries worldwide grapple with the dual challenges of meeting operational demands and achieving sustainability goals, Cummins stands out as a trusted partner. Its expertise, global presence, and commitment to innovation make it a pivotal force in powering the future of transportation, energy, and industrial applications.
Cummins' Government Relations function actively shaped policies in 2023 to advance the company's Destination Zero goals and promote racial equity. Key focus areas included:
1. Energy transition: Advocating for technology-neutral, market-driven policies to lower emissions globally.
2. U.S. initiatives: Implementing the Inflation Reduction Act, participating in White House electrification roundtables, and collaborating on clean hydrogen projects.
3. Global efforts: Supporting EURO 7 regulations in the EU and India's National Green Hydrogen Mission.
4. Innovation: Partnering with Indiana DOT and Purdue University to test wireless EV charging on highways.
These efforts aim to accelerate the adoption of low- and zero-emissions technologies in commercial and industrial vehicles, positioning Cummins (CMI) as a leader in the transition to a sustainable future.
Radwell International, a leading global industrial operations, automation, and electronics solutions provider, has announced the appointment of Chris Snodgrass as Chief Executive Officer, effective August 5, 2024. Snodgrass, who will also join the company's Board of Directors, brings extensive operational and management experience from diverse industrial sectors. He previously served as Senior Vice President at Caterpillar Inc. (NYSE: CAT), where he led the Building Construction Products division and the Product Support & Logistics division.
Snodgrass's appointment follows a comprehensive search process, with full support from Radwell's Board and investors. His track record includes driving growth, expanding margins, and managing complex global operations. The new CEO aims to position Radwell for accelerated growth through enhanced offerings and customer-oriented solutions.
Cummins' 2023-2024 Sustainability Progress Report highlights the company's efforts to extend environmental initiatives across its supply chain. The report emphasizes:
1. Shared sustainability goals with supply partners to reduce environmental impact and promote ethical practices.
2. Material selection optimization to meet product requirements with minimal environmental impact.
3. Implementation of lifecycle assessment tools to estimate environmental impacts of supplied parts.
4. Use of software to estimate carbon footprint of products down to assembly and part level.
5. A class-leading data collection system to identify risks from hazardous and supply-constrained materials.
6. Strict adherence to Supplier Code of Conduct mandating high standards in human rights, ethics, and legal compliance.
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.
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