The Columbus-based engine-maker said it expects sales to drop another 8% to 12% in 2020, it expects its full-year 2020 revenue to decline between 8% and 12%, mostly because of lower truck production in North America, Europe, China and India
Volkswagen has offered to buy the rest of Navistar International Corp. to secure a bridgehead in the U.S. heavy-truck market and step up its challenge to Daimler and Volvo.
Prosecutors say the 54-year-old man diverted more than $4.5 million of money from Cummins and other companies over a nine-year period.
On Friday morning at Engage Indiana 2019, Tom Linebarger evangelized for a model of doing business that emphasizes maintaining strong relationships with all stakeholders—employees, community leaders, corporate partners, government officials and shareholders—rather than only focusing on self-serving interests.
Cummins said the layoffs are part of a wider effort to trim up to $300 million in costs in response to a slowdown in sales demand.
Indiana-based engine manufacturer Cummins Inc. fell short of revenue and profit predictions with its third quarter results.
Cummins isn’t alone in its neighborhood approach. Multiple Indianapolis companies are choosing to focus their philanthropy on a particular neighborhood as a way to make a greater impact.
As the U.S./China trade war drags on, advanced manufacturers in central Indiana are scrambling to determine their best course of action—and there are no easy answers.
Score one for J. Irwin Miller, who during his quarter century atop Cummins Inc. championed corporate social responsibility—a stance that put him at odds with economist Milton Friedman, the 20th century’s most prominent advocate of free markets.
The retirement of President and Chief Operating Officer Rich Freeland will spark several executive-level promotions at the Indiana-based manufacturer.
Shares of the Columbus-based engine maker dropped in early trading after second quarter results missed analyst expectations, even though sales and profit were up over a year ago.
The move comes as Cummins, long known as a diesel engine powerhouse, expands its efforts in alternative powertrain technologies.
Volkswagen AG is renewing efforts to sell minority stakes in non-core operations to streamline its business and focus on the main passenger-car brands, according to people familiar with the matter.
Indiana-based Cummins will check certification and compliance processes for engines in the 2019 Ram 2500 and 3500 trucks after conversations with the U.S. Environmental Protection Agency and the California Air Resources Board, the company said.
The delivery vans have an all-electric range of up to 85 miles and can be fully charged in about eight hours.
The Columbus-based engine-maker, which saw revenue increase 16 percent last year, expects revenue in 2019 to fall between flat and up 4 percent.
Retiring CFO Pat Ward will be succeeded by an internal candidate, longtime Cummins employee Mark Smith.
Business and political leaders at the annual Engage Indiana event stressed the importance of public and private collaborations in helping improve communities and retain workers.
Cummins CEO Tom Linebarger says a practical, targeted approach will work better than “carpet-bombing” China with escalating tariffs.
The Truck and Engine Manufacturers Association, which represents Indiana-based Cummins Inc. and other engine manufacturers, said the proposal represents a chance to modernize how the agency oversees big-rig emissions.
