Cummins closes on acquisition of Siemens’ Business Automobiles business enterprise | Company
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COLUMBUS, Ind. & NUREMBERG, Germany–(Business WIRE)–Nov 30, 2022–
World wide energy and engineering chief, Cummins Inc. (NYSE: CMI) today introduced that it, via its subsidiary Meritor, has completed its acquisition of Siemens’ Commercial Cars business enterprise, a main world-wide provider of higher-effectiveness electric powered generate systems for business cars. In May well 2022, Meritor, Inc. announced it experienced entered into an settlement to purchase the small business for somewhere around €190 million company value Cummins subsequently concluded its acquisition of Meritor in August 2022.
This acquisition adds crucial capabilities in immediate drive and transmission-based mostly remote mount electrical motors, inverters, program and associated providers which are crucial elements in the following era of electric powered powertrains. These capabilities, and their addition of nearly 200 workforce largely in Germany, China and the United States, will speed up Cummins potential to present global prospects a broader array of electrified products alternatives across commercial auto applications.
“We are psyched to welcome Siemens’ Commercial Autos electric powered travel systems small business into Cummins,” stated Jennifer Rumsey, Cummins’ President and Chief Executive Officer. “By combining our collective, deep know-how of our sector and how our prospects use our programs, we will innovate and progress important technologies. This acquisition also reflects an additional key milestone in the execution of our method to arrive at web-zero emissions by 2050 in a way that is best for our buyers and the world.”
“We are thrilled to be part of Cummins which has a lengthy history serving the commercial car or truck market place,” reported Mart Verschoor, former CEO of Siemens Business Motor vehicles who will believe the purpose as Vice President – Traction Programs within just Cummins’ New Energy segment. “I know we will provide technologies demanded to accelerate adoption of zero-emission powertrains that delight our buyers and shift our communities forward.”
The obtained organization will report by Cummins New Ability business enterprise unit.
Ahead-on the lookout disclosure statement
Info presented in this release that is not purely historical are forward-wanting statements in just the indicating of the Private Securities Litigation Reform Act of 1995, including statements about our forecasts, assistance, preliminary final results, anticipations, hopes, beliefs and intentions on tactics relating to the future. These ahead-searching statements consist of, without limitation, statements relating to our programs and anticipations for our revenues and EBITDA. Our genuine potential final results could vary materially from these projected in this kind of ahead-seeking statements because of a amount of things, such as, but not limited to: any adverse success of our interior critique into our emissions certification course of action and compliance with emission expectations elevated scrutiny from regulatory businesses, as nicely as unpredictability in the adoption, implementation and enforcement of emission standards close to the planet adjustments in worldwide, countrywide and regional trade laws, restrictions and policies any adverse effects of the U.S. government’s COVID-19 vaccine mandates variations in taxation world legal and moral compliance charges and pitfalls increasingly stringent environmental legislation and regulations future bans or limits on the use of diesel-run solutions uncooked substance, transportation and labor price tag fluctuations and provide shortages aligning our potential and output with our need the actions of, and money from, joint ventures and other investees that we do not right control massive truck manufacturers’ and first machines manufacturers’ customers discontinuing outsourcing their engine supply requires or experiencing economical distress, individual bankruptcy or adjust in control solution recollects variability in materials and commodity expenses the progress of new technologies that lessen demand from customers for our existing products and solutions and products and services reduce than envisioned acceptance of new or existing products and solutions or solutions product or service legal responsibility statements our income mix of products and solutions failure to comprehensive, adverse final results from or failure to notice the predicted positive aspects of the separation of our filtration enterprise our approach to reposition our portfolio of solution offerings by means of exploration of strategic acquisitions and divestitures and associated uncertainties of moving into these transactions hard marketplaces for talent and capability to appeal to, establish and retain vital personnel local weather transform and worldwide warming exposure to probable safety breaches or other disruptions to our info technological innovation ecosystem and information stability political, economic and other threats from functions in numerous countries including political, economic and social uncertainty and the evolving globalization of our organization competitor action expanding competitiveness, which includes improved world-wide competitors amid our shoppers in rising marketplaces labor relations or work stoppages foreign forex exchange fee alterations the functionality of our pension program belongings and volatility of lower price charges the price tag and availability of power continued availability of financing, money devices and monetary resources in the quantities, at the periods and on the conditions expected to assist our foreseeable future enterprise and other risks specific from time to time in our SEC filings, which includes significantly in the Hazard Elements section of our 2021 Yearly Report on Kind 10-K and Quarterly Reviews on Sort 10-Q. Shareholders, possible traders and other visitors are urged to contemplate these elements diligently in assessing the ahead-looking statements and are cautioned not to spot undue reliance on this sort of forward-looking statements. The forward-hunting statements built herein are designed only as of the day of this press release and we undertake no obligation to publicly update any ahead-looking statements, whether or not as a end result of new details, foreseeable future activities or normally. More thorough info about components that might influence our overall performance could be found in our filings with the SEC.
About Cummins Inc.
Cummins Inc., a world wide electrical power technology chief, is a company of complementary small business segments that style, manufacture, distribute and service a wide portfolio of energy remedies. The company’s merchandise array from inside combustion, electric and hybrid integrated electricity alternatives to parts such as filtration, aftertreatment, turbochargers, gas techniques, controls systems, air managing programs, automatic transmissions, electric electricity technology systems, microgrid controls, batteries, electrolyzers and fuel cell goods. Headquartered in Columbus, Indiana (U.S.), due to the fact its founding in 1919, Cummins employs close to 59,900 individuals dedicated to powering a more prosperous earth via three world wide company accountability priorities essential to nutritious communities: instruction, atmosphere and equality of option. Cummins serves its clients on-line, as a result of a network of organization-owned and unbiased distributor places, and via thousands of supplier destinations globally and gained about $2.1 billion on revenue of $24 billion in 2021.
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Call: Jon Mills
Cummins Inc.
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Key phrase: INDIANA GERMANY EUROPE UNITED STATES NORTH America
Field Key word: Computer software EV/Electrical Motor vehicles Substitute Cars/FUELS AUTOMOTIVE Technology AUTOMOTIVE Manufacturing Normal AUTOMOTIVE Production
Supply: Cummins Inc.
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PUB: 11/30/2022 07:30 AM/DISC: 11/30/2022 07:32 AM
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