Cummins Inc.

Cummins selects firm to design downtown office building

September 16, 2014
Scott Olson
The firm has chosen New York-based Deborah Berke Partners to design its $30 million global distribution headquarters that will be built on part of the site where Market Square Arena once stood.
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Profit, revenue up for Cummins in latest quarter

July 28, 2014
 IBJ Staff
Cummins Inc. said Monday that second-quarter profit jumped 7.7 percent on strong sales in North America. The results exceeded analyst expectations.
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Cummins to pick from New York firms to design downtown offices

July 16, 2014
 IBJ Staff
Cummins Inc. plans to pick a proposal from one of three New York-based architecture firms vying to design its global distribution headquarters downtown.
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Cummins building new southern Indiana tech center

June 17, 2014
Associated Press
Engineers from several locations will be based at the $70 million center about 50 miles south of Indianapolis, and more than 600 people could be working there when it is completed next year.
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PROXY CORNER: Cummins Inc.Restricted Content

June 7, 2014
Columbus, Ind.-based Cummins Inc. designs and manufactures diesel engines for automotive and industrial markets. It also provides filtration, exhaust and electronics systems, natural gas engines and engine components.
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Cummins expects Indiana hiring with new engine

May 13, 2014
Associated Press
Cummins Inc. expects to start hiring this year at a central Indiana factory as it starts building a new diesel engine that will go into the light-duty Nissan Titan pickup truck. The engine maker said it could add up to 500 employees.
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Cummins raises forecast after strong first quarter

April 29, 2014
 IBJ Staff
The Columbus-based manufacturer reported a profit of $338 million as revenue increased 12 percent.
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'Architecturally significant' Cummins HQ likely won't scrape downtown skyline

March 26, 2014
Scott Olson
The engine maker's planned global distribution headquarters downtown will seem modest compared to a 28-story apartment complex slated for across Market Street, but the firm has a strong history of promoting breath-taking architecture.
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Cummins recalling 25,013 engines over possible fire risk

March 3, 2014
Associated Press
The engines can be found in a variety of commercial vehicles including school and transit buses as well as fire trucks.
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Cummins posts strong 4Q results to boost slower year

February 6, 2014
 IBJ Staff
The Columbus-based engine maker recorded a 7-percent increase in profit, but full results for 2013 lagged behind 2012.
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Cummins sues T-shirt sellers for logo infringement

December 20, 2013
Bloomberg News
Cummins Inc., the Indiana-based maker of truck engines, has sued three named and 10 unnamed defendants for trademark infringement. The company claims the defendants are making and selling T-shirts bearing its trademarks without permission.
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Cummins plans wellness center for employees

December 13, 2013
Associated Press
The facility in Columbus would be the first of its kind for the company. Should the concept prove successful, Cummins will consider similar arrangements in other areas with Cummins plants, said Dr. Dexter Shurney, chief medical officer for Cummins.
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Cummins' stock sinks after worse-than-expected quarter

October 29, 2013
 IBJ Staff and Associated Press
Shares in Cummins Inc. slid more than 9 percent Tuesday morning after the Columbus-based engine manufacturer reported weaker-than-expected sales and profit in the third quarter, and lowered its outlook for the rest of the year.
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City eyes Cummins as anchor for key downtown site

September 21, 2013
Scott Olson
City officials are quietly trying to orchestrate what would be a major coup: Landing Cummins as an office anchor for a second phase of redevelopment on the former home of Market Square Arena.
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Cummins plans to add 500 jobs for Nissan engine

August 20, 2013
 IBJ Staff, Bloomberg News
Cummins said the 5-liter, V-8 turbo diesel will be built in Indiana at the company's historic plant in downtown Columbus, creating up to 500 jobs over the next several years. About 300 people currently work on the V-8 program.
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Cummins to announce engine contract, more jobs

August 20, 2013
 IBJ Staff
Columbus-based Cummins Inc. plans to announce Tuesday afternoon an agreement with Nissan Motor Co. to supply diesel engines for Titan pickup trucks.
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Cummins shares jump on 2-percent revenue boost

July 30, 2013
 IBJ Staff
Shares of Columbus-based engine maker Cummins Inc. shot up 4 percent in Tuesday morning trading despite a reported 11-percent dip in profit for its second quarter.
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Cummins plans office remodeling, $15M warehouse

July 1, 2013
Associated Press
Cummins proposes remodeling the four-story former Irwin Union Bank building in downtown Columbus that the company bought in 2010. The new warehouse planned near Cummins' Walesboro factory could add about 25 jobs.
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Cummins looking to build downtown Indy officesRestricted Content

June 8, 2013
Scott Olson
Cummins Inc. wants to expand its downtown Indianapolis presence and is searching for land to construct an office building that would double the space the Fortune 500 company occupies in the city, several local office brokers said.
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Indiana firms lose ground on Fortune 500 list

May 7, 2013
Mason King
Five of the six Hoosier firms that appear in the 2013 rankings slipped from their positions in last year's list of the largest U.S. companies.
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Cummins earnings widely miss predictions

April 30, 2013
 IBJ Staff
The Indiana-based engine maker announced a larger-than-expected drop in quarterly profit Tuesday morning, as revenue fell 12 percent on weak demand for its products in domestic and international markets.
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Cummins lowers previously reported earnings

February 20, 2013
Dan Human
Columbus-based diesel engine manufacturer Cummins Inc. lowered its previously reported quarterly profit by $12 million, or 3.1 percent, after discovering legal fees that the company initially missed.
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Cummins' earnings, revenue fall on weaker demand

February 6, 2013
 IBJ Staff
Engine maker Cummins Inc. saw profit sink 30 percent in the fourth quarter as demand for its products fell in both domestic and international markets. Full-year profit and revenue also fell.
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Analyst cuts Cummins rating, citing rise in shares

January 11, 2013
Associated Press
Analyst Stephen Volkmann lowered his rating on the engine maker's stock to "Hold" from "Buy," noting that the shares have risen 30 percent from their October lows and are now just 10 percent below all-time highs.
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Cummins to buy back up to $1B in stock

December 11, 2012
Associated Press
Cummins Inc. said Tuesday that its board approved the repurchase of up to $1 billion in stock. The Columbus-based engine maker said it has nearly completed its previous $1 billion buyback plan authorized in February 2011.
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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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