In April 2022, Cummins announced plans to spin off the business, then known as Cummins Filtration, which provides filtration products for trucks, off-highway industrial equipment and power generation systems.
Cummins is forecasting revenue to be up 15% to 20% year-over-year, compared with its previous guidance of between 12% to 17%.
Cummins brought in $176 million—a tiny fraction of its overall revenue—from its electric and hydrogen products last year. But the company expects revenue to hit as much as $13 billion in 2030.
The rebranding is an attempt to differentiate what until now had been known as Cummins’ New Power business unit, giving it a separate identity from the rest of the 104-year-old company, which has traditionally been known for its diesel engines.
Spinoff Atmus Filtration Technologies was originally founded in 1958 as the Seymour Filtration Co., based in Seymour, Indiana, with a single filter production line to support Cummins diesel engines.
Cummins, Rolls-Royce, Eli Lilly and Co., AES and Elevance Health are among the city’s largest downtown employers and all say most of their workers have the option of working at home at least part of the time.
The program aims to award $7 billion to fund six to 10 hydrogen hub projects focused on the production, processing, delivery, storage and end use of clean hydrogen, with the goal of boosting the nation’s hydrogen economy.
The Indiana coalition, which received U.S. Department of Energy encouragement to submit a full proposal, is now deciding whether to join forces with other applicants for a better chance of securing a portion of $7 billion in federal funding.
The program in the engine maker’s global Technical Education for Communities initiative will be geared primarily for juniors and seniors at Arsenal Tech High School in Indianapolis.
Meritor, which had 9,600 global employees pre-acquisition, is a leader in electric axle and brake technology.
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.
