Press release from Business Wire
Cummins Finalizes Sale of Exhaust Business to Global Tube as It Focuses on Emission Solutions Business
Friday, April 29, 2011
COLUMBUS, Ind. (Business Wire) -- Cummins Inc. (NYSE: CMI) announced today that the sale of its exhaust business to Global Tube, a portfolio company of Wind Point Partners, a private equity firm headquartered in Chicago, Ill., has closed.
The sale was announced earlier this year and includes what were formerly Cummins exhaust operations in Stoughton, Arcadia, Black River Falls and Viroqua, all in Wisconsin, and in Scoresby, Australia and Daman, India.
The exhaust business was a small part of Cummins Emission Solutions (CES), which is within the Company's Components operating segment. CES specializes in providing a range of aftertreatment solutions and technologies to control emissions in diesel engines. The exhaust business was not a core part of the aftertreatment business.
This sale allows CES to place greater emphasis and resources on products that are a critical part of Cummins' growth strategy. As global emission standards become ever tighter, CES has opportunities for significant growth in developing and deploying aftertreatment systems for commercial vehicles.
Terms of the sale were not disclosed. The closing is consistent with the Company's disclosure in the Form 10-Q filed April 28.
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins employs approximately 40,000 people worldwide and serves customers in approximately 190 countries and territories through a network of more than 600 company-owned and independent distributor locations and approximately 6,000 dealer locations. Cummins earned $1.0 billion on sales of $13.2 billion in 2010. Press releases can be found on the Web at www.cummins.com.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Cummins Securities and Exchange Commission filings.
Janet Williams, 317-610-2488
Director - Corporate Communications