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MarketScreener Homepage  >  Equities  >  Nyse  >  Cummins Inc.    CMI

CUMMINS INC.

(CMI)
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Cummins : IEDC, the City of Seymour and Duke Energy announce job creation and additional investment at Seymour Engine Plant

10/13/2020 | 11:38am EST

Highlights:

* Cummins and other partners are investing more than $25 million in an expansion of the company's Seymour Engine Plant (SEP)

* The investment is also expected to create and retain more than 150 jobs over the next 5 to 10 years

* New manufacturing capabilities will improve and refine the plant's capabilities to prepare for the addition of a new engine platform in 2024

Global technology and power solutions leader Cummins Inc. (NYSE: CMI), with the support of the Indiana Economic Development Corporation (IEDC), the City of Seymour, Indiana and Duke Energy (NYSE: DUK) announced plans to invest more than $25 million at its Seymour Engine Plant (SEP) over the next several years. The investment is also expected to create and retain more than 150 jobs over the next 5-10 years.

'After our significant investments into our manufacturing and tech center infrastructure over the last 10 years, our latest expansion decision will once again expand our ability to serve global markets and bring new products and technology from our high horsepower engine hub in Seymour,' said Norbert Nusterer, President, Power Systems Business Segment, Cummins Inc. 'The evolving partnerships with our terrific workforce as well as the city help us build a more successful company, while in turn allowing us to contribute to stronger and more vibrant communities in and around Seymour. We are grateful to all stakeholders for the solid effort of past years on which this latest decision is built.'

The investment in upgrading existing plant infrastructure at SEP, which is Cummins' global high-horsepower headquarters, will bring in new manufacturing capabilities, including assembly, machining and block lines as well as testing equipment. This investment will improve and refine the plant's capabilities to prepare for the addition of a new engine platform that will be launched for global customers in 2024.

'This is exciting for our employees,' said Darren Wildman, Americas Operations Leader, Power Systems Business, Cummins Inc. 'These investments ultimately mean we are going to bring to market the next generation of high-horsepower engines. A new engine platform allows us to tap even deeper into our exceptional technological, engineering and manufacturing expertise to create a game-changing product to serve more customers and expand into new markets.'

Over the past 10 years, Cummins has invested more than $350 million at its high-horsepower operations in Seymour, including a significant renovation of the plant and the addition of a cutting-edge technical center, bringing together key capabilities to enhance technological and product development. The investment has contributed to a nearly doubling of the employment at its Seymour operations, where it now has 1,100 employees.

'It's a phenomenal day for Indiana as we celebrate yet another expansion for Cummins, which has been a driving force for Indiana's strong advanced manufacturing sector from the very beginning,' said Indiana Secretary of Commerce Jim Schellinger. 'The investment the company is making now will benefit Hoosiers for generations to come, and it's an honor to support them as they continue finding success in Indiana.'

The IEDC offered Cummins Inc. up to $550,000 in conditional tax credits and up to $100,000 in training grants based on the company's plans to create up to 87 new jobs by the end of 2028. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.

'The decision by Cummins to again invest in Seymour is tremendous news,' said Seymour Mayor Matt Nicholson. 'We believe our commitment to create and maintain a business-friendly environment, when combined with the workforce they are able to attract from throughout South Central Indiana, are reasons Cummins continues to invest in Seymour. Not only does this project create new jobs, but it also will retain workers which is a win-win for everyone.'

'Cummins' investment in Seymour will have an impact beyond the company,' said Duke Energy Indiana President Stan Pinegar. 'It's an investment in the community and state. We were glad to do our part to provide incentives to help offset their energy costs.'

SEP produces natural gas and diesel engines ranging in size from 15L to 95L. These engines support the power generation, rail, marine, mining, agricultural, oil and gas, industrial, and military applications.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company's products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 61,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.3 billion on sales of $23.6 billion in 2019. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com/always-on.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CUMMINS INC. -0.59% 229.03 Delayed Quote.28.74%
DUKE ENERGY CORPORATION -1.61% 94.6 Delayed Quote.3.72%
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Financials (USD)
Sales 2020 19 126 M - -
Net income 2020 1 696 M - -
Net Debt 2020 1 500 M - -
P/E ratio 2020 20,1x
Yield 2020 2,30%
Capitalization 33 898 M 33 898 M -
EV / Sales 2020 1,85x
EV / Sales 2021 1,66x
Nbr of Employees 61 615
Free-Float 66,3%
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Mean consensus HOLD
Number of Analysts 25
Average target price 237,25 $
Last Close Price 229,03 $
Spread / Highest target 26,2%
Spread / Average Target 3,59%
Spread / Lowest Target -17,9%
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Managers
NameTitle
Norman Thomas Linebarger Chairman & Chief Executive Officer
Livingston L. Satterthwaite President & Chief Operating Officer
Mark Andrew Smith Chief Financial Officer & Vice President
Sherry A. Aaholm Chief Information Officer & Vice President
Jim Fier Chief Technology Officer
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