A former IndyGo bus could start a second life by the end of the year—distributing fresh food, providing nutrition education and troubleshooting problems Indianapolis residents have applying for food stamps.
Cummins said its profitability was affected by several expenses last quarter, the largest of which was the $56 million that the company spent on a one-time bonus to employees.
Despite negative impacts, Indiana’s largest employers didn’t weigh in publicly on the state’s new abortion law while it was being debated.
Cummins said it plans to accelerate the growth of Meritor’s core axle and brake businesses around the world.
The Columbus-based manufacturer says its strong second-quarter was due mostly to its North American market, where revenues grew 15%.
Cummins is investing in VoltStorage, a Munich, Germany-based company that develops and produces batteries based on redox flow technology, a more environmentally friendly alternative to lithium-ion batteries.
The bill is being closely watched in Indiana, where manufacturers, research universities and economic development officials are rooting for its passage.
Jennifer Rumsey, who was named the first woman CEO in Cummins’ 103-year history, said addressing climate change remains a key priority for the company.
Linebarger will be replaced by Cummins President and Chief Operating Officer Jennifer Rumsey, who has been with Cummins for 22 years, including the last 16 months as COO.
For the 14 Indiana companies that made Forbes’ 2022 list of America’s Best Employers for Diversity, efforts go far beyond diversifying the composition of the executive leadership team or the board of directors.
Had the proposal been approved, Cummins CEO Tom Linebarger would have been stripped of the chairmanship.
Cummins made the disclosure in its first-quarter financial report. Profit dropped in the period, but sales hit a record high. The company also said interest in its emerging hydrogen business is growing.
Columbus-based Cummins has confidentially filed paperwork with the Securities and Exchange Commission for an initial public offering for its filtration business. Cummins announced last summer that it was looking at “strategic alternatives” for the business.
An unnamed Cummins shareholder is proposing that the company separate its CEO and board chair roles, which are both held by Tom Linebarger. Cummins is recommending that shareholders vote against this proposal.
Cummins has operated in Russia for decades and has 700 employees in that country, but on Friday the company said it was halting all operations in Russia “indefinitely” because of Russia’s invasion of Ukraine.
Barner talked with host Angela B. Freeman about the challenges she faced building her career, how she has helped others overcome similar barriers and what companies and law firms can do to increase diversity.
Columbus-based Cummins said its acquisition of Michigan-based Meritor, a maker of electric axle and brake technology, will help accelerate Cummins’ electric and hybrid business.
The grant will be used to fund mortgages to low-income residents who are buying one of 12 newly-constructed homes that are being built on previously-vacant properties in the neighborhood.
Cummins announced Wednesday that it’s signed an agreement to purchase Connecticut-based Jacobs Vehicle Systems from its current owner for $325 million. The deal is expected to close later this year.
The agreement between Cummins and Texas-based Rush Enterprises will help Cummins bring natural-gas-powered commercial vehicles to market.
