A company spokeswoman told IBJ that the new workforce reductions are related to Destination Zero—the company’s previously announced goal of achieving zero emissions by 2050.
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Cummins has reached an agreement with the U.S. Department of Justice and will pay $1.675 billion—the largest Clean Air Act settlement in history—to resolve allegations that the company violated the Clean Air Act by installing “defeat devices” in some of its pickup truck engines.
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Cummins, which reported revenue of $8.4 billion during the third quarter, has 73,600 employees worldwide, including 10,500 in Indiana.
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The joint venture will initially focus on the production of lithium-iron-phosphate batteries for commercial battery-electric trucks.
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California-based tech company C3.ai, which accuses Cummins of “brazen misappropriations of trade secrets and breach of contract,” said it plans to seek damages estimated at between $500 million and $1 billion.
Cummins saw its first quarter revenue drop by 1% on a year-over-year basis. Its profit was way up due to one-time gains from the spinoff of its filtration business.
The Indiana-based manufacturer agreed late last year to pay $2 billion to settle allegations that it unlawfully altered hundreds of thousands of Ram pickup truck engines in violation of Clean Air Act emission standards.
Cummins posted a rare quarterly loss in the fourth quarter, which was largely due to a previously announced $2 billion environmental settlement. The settlement also reduced the manufacturer’s full-year profit for 2023.
The joint venture, which includes Cummins and three other companies, was formed last year for the purpose of building a battery plant for commercial vehicles.
The repair only involves software updates. Cummins has already started the recall and repair program required by the settlement.
Cummins focuses on both hydrogen-powered and battery electric products through its zero-emissions business unit, which does business as Accelera by Cummins. But hydrogen is emerging as the breakout star for the company.
The group hopes to improve civic education in a state that ranks among the bottom nationally when it comes to voter registration and turnout.
Rumsey will take over as Cummins board chair on Aug. 1, after former CEO Tom Linebarger steps down from the position.
Cummins plans to acquire two manufacturing sites, one in its hometown of Columbus, Indiana, from France-based Faurecia.
In April 2022, Cummins announced plans to spin off the business, then known as Cummins Filtration, which provides filtration products for trucks, off-highway industrial equipment and power generation systems.
Cummins is forecasting revenue to be up 15% to 20% year-over-year, compared with its previous guidance of between 12% to 17%.
Cummins brought in $176 million—a tiny fraction of its overall revenue—from its electric and hydrogen products last year. But the company expects revenue to hit as much as $13 billion in 2030.
The rebranding is an attempt to differentiate what until now had been known as Cummins’ New Power business unit, giving it a separate identity from the rest of the 104-year-old company, which has traditionally been known for its diesel engines.
Spinoff Atmus Filtration Technologies was originally founded in 1958 as the Seymour Filtration Co., based in Seymour, Indiana, with a single filter production line to support Cummins diesel engines.
Cummins, Rolls-Royce, Eli Lilly and Co., AES and Elevance Health are among the city’s largest downtown employers and all say most of their workers have the option of working at home at least part of the time.
The program aims to award $7 billion to fund six to 10 hydrogen hub projects focused on the production, processing, delivery, storage and end use of clean hydrogen, with the goal of boosting the nation’s hydrogen economy.
The Indiana coalition, which received U.S. Department of Energy encouragement to submit a full proposal, is now deciding whether to join forces with other applicants for a better chance of securing a portion of $7 billion in federal funding.
The program in the engine maker’s global Technical Education for Communities initiative will be geared primarily for juniors and seniors at Arsenal Tech High School in Indianapolis.
Meritor, which had 9,600 global employees pre-acquisition, is a leader in electric axle and brake technology.
