UPDATE: Cummins stock leaps

January 23, 2008

Shares of Cummins Inc. shot up more than 6 percent late this afternoon after the Columbus, Ind., diesel engine maker announced it would add 500 engineering and other professional positions in the next two years.

The stock closed at $45.33, up $2.71 a share, then edged up 13 cents more in after-hours trading.

The 500 professional employees Cummins Inc. plans to add near its downtown Columbus headquarters will be housed in offices built by a Fishers contractor.

Dora Brothers Hospitality Corp. will build the four-story, 100,000-square-foot structure in an area long occupied by the aging Commons Mall. The building is expected to be finished by the first quarter of next year.

The building project was discussed during the expansion announcement this afternoon in Columbus.

The broader revitalization of the mall area involves demolishing much of the mall and replacing it with a new hotel, conference center and additional retail space. Dora has nearly finished a different hotel in the complex, the Hotel Indigo.

Cummins has 5,500 workers in Columbus, plus 900 other contract employees.

Last year Cummins said it would create 600 jobs by the end of the decade building light-duty engines at its Columbus Engine Plant.

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