Welcome to our dedicated page for Cummins news (Ticker: CMI), a resource for investors and traders seeking the latest updates and insights on Cummins stock.
Cummins Inc. reports news on its global power technology business, including engines, components, distribution, power systems and Accelera by Cummins. Company updates commonly cover diesel, electric and hybrid powertrains, integrated power generation systems, aftertreatment, turbochargers, fuel systems, controls, transmissions, axles, brakes, battery and electric powertrain systems, and other zero-emissions technologies.
Recurring developments include quarterly operating results, segment performance, demand trends in truck markets and data center backup power, customer technology demonstrations, powertrain collaborations, emissions recall activity, dividend declarations and portfolio actions within Accelera.
Cummins (NYSE:CMI) has unveiled two new Digital Master Controls, the DMC2000 and DMC6000, enhancing its PowerCommand® power system offerings. These pre-engineered systems support a variety of configurations, ensuring faster delivery and competitive pricing. They aim to provide reliable power solutions for critical applications like hospitals and data centers. The DMC2000 and DMC6000 complement the existing DMC8000, offering comprehensive flexibility and performance, with rigorous testing to manage over 1,200 failure scenarios. Cummins continues to leverage its extensive experience in power generation solutions.
Cummins Inc. (CMI) announced a 3% increase in its quarterly cash dividend, raising it from $1.311 to $1.35 per share. This dividend will be payable on December 3, 2020, to shareholders on record as of November 20, 2020. The company reported a net income of $2.3 billion on $23.6 billion in sales for 2019, highlighting its strong position in the power solutions market.
Cummins Inc. (NYSE: CMI) has appointed Kimberly A. Nelson to its Board of Directors, effective October 13, 2020. Nelson, former Senior VP of External Relations at General Mills, brings extensive experience in corporate governance and sustainability strategies. Her leadership roles, including President of the Snack Food Division, contributed to significant sales growth. The company anticipates that Nelson's expertise will be crucial in navigating industry challenges and enhancing long-term growth.
Cummins Inc. (NYSE: CMI) plans to invest over $25 million at its Seymour Engine Plant to enhance manufacturing capabilities and create more than 150 jobs over the next 5-10 years. This investment follows over $350 million invested in the past decade, significantly expanding the workforce to 1,100 employees. The upgrades will facilitate the launch of a new engine platform for global customers in 2024, supported by tax incentives from the Indiana Economic Development Corporation.
Cummins Inc. (NYSE: CMI) and Bustech, Australia's leading transit bus supplier, have formed a partnership to develop the next-generation Bustech XDi low floor transit bus. This venture will utilize Cummins' zero-emission battery electric and hydrogen fuel cell technologies. Initial units will be produced for both systems, with production ramping up in late 2021 and early 2022. The battery electric powertrain boasts a range of up to 350 km, while the hydrogen variant offers 450-600 km, depending on storage options. Manufacturing will occur in the U.S., with final assembly in Australia.