President Joe Biden’s top economic and national security advisers are hosting more than a dozen CEOs on Monday to discuss the administration’s $2.25 trillion infrastructure plan and the global semiconductor shortage, according to a White House official.
Cummins raises full-year outlook after better-than-expected quarterly results
Indiana-based engine manufacturer Cummins Inc. on Tuesday reported first-quarter revenue and profit that exceeded analyst expectations.Read More
Cummins to pay $4.5M for Greenwood site in revision to firm’s deal with city
Cummins announced last year that it planned to build a $35 million office building at the corner of Interstate 65 and County Line Road, but the pandemic has the engine maker rethinking how to best use that site.Read More
Cummins investing in hydrogen power, although path to profitability uncertain
The Columbus-based manufacturer is bullish on hydrogen’s possibilities to power everything from buses, trains and trucks to industrial equipment.Read More
Cummins exceeds expectations despite historic drop in quarterly revenue
Cummins said it expects sales to improve in the third quarter, although the pandemic continues to create considerable uncertainty.Read More
Tony Satterthwaite, president and COO since October 2019, will move into the new position of vice chairman, while Jennifer Rumsey, president of the company’s Components business, will succeed Satterthwaite as president and COO.
The Indiana-based manufacturer said sales in North America declined 21% last year, but its sales in China reached record levels, up 25% from the previous year.
A key reason for the closing is because turbochargers are lasting longer, “decreasing the demand for remanufactured turbochargers,” the company said in a statement.
The Columbus-based engine maker’s third-quarter revenue and net income rebounded better from pandemic-related lags than analysts had expected.
The announcement marks the latest in a series of steps the Columbus-based engine maker has taken in recent years to diversify its offerings in alternative-energy power systems.
The Indiana-based engine manufacturer warned that the second quarter will be much more difficult, with production and demand largely sidelined by the pandemic.
The engine-maker says it will close three Columbus manufacturing sites and one in Seymour until May 4. The news comes a day after the company announced that it would temporarily reduce the salaries of its U.S. employees by 10% to 25%.
The action affects employees as well as the Columbus-based engine maker’s CEO and board members. The company said it will re-evaluate the temporary pay cuts at the end of the second quarter.
Increasingly, as the planet warms, pressure is building from environmentalists, investors, consumers and the general public for corporate America to do something about it.
Indiana firms restrict travel, postpone product intros, distribute hand sanitizer in reaction to coronavirus
A growing number of employers have restricted international travel and are now considering what they might need to do within the U.S.
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.
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.