The Columbus-based engine maker said it would lay off about 500 people in Indiana. Shares fell nearly 10 percent Tuesday after third-quarter profit trailed analyst estimates and the company reduced its annual sales forecast due to weakening demand for its heavy-duty engines.
Engine maker Cummins Inc. has opened a new technical and office center in southern Indiana where engineers are to focus on improving fuel efficiency and engine endurance.
Almost as soon as governments began testing vehicle emissions, automakers and engine manufacturers found ways to cheat. Indiana-based Cummins Inc., for instance, was involved in a high-profile case in the late 1990s.
The building under construction on the former Market Square Arena site will be modern, with a calibrated glass facade and abundant green space.
The city’s Regional Center Hearing Examiner approved the reduction Thursday. Cummins officials said the change will make the layout of the building more efficient.
Shares in Cummins Inc. had their biggest intraday rise in nine months Tuesday morning after the Columbus-based maker of heavy-duty engines reported second-quarter profit and revenue that beat analyst estimates.
U.S. regulators have delivered a victory for engine makers such as Indiana-based Cummins Inc. in a battle over greenhouse-gas emissions regulations for heavy-duty trucks.
The Obama administration is poised to deliver a victory to engine makers at the expense of truck manufacturers such as Cummins Inc. in the next stage of the U.S. government’s plan to tackle climate change.
Columbus, Indiana-based Cummins Inc. designs and manufactures diesel engines for automotive and industrial markets.
Revenue from overseas markets declined 6 percent from a year ago, but revenue from North America increased 17 percent as strong demand continued for commercial truck engines.
Pamela Carter, the first woman ever to lead one of Cummins’ four main business units, has been in the position since 2007.
The building, which will include a 10-story office tower with 15,000 square feet of retail on the first floor and significant public green space, will be built on four acres where Market Square Arena stood.
Approval of the deal is essentially guaranteed, as Cummins and Indianapolis officials together have heralded the downtown project and its potential economic benefit.
Officials of the Columbus, Indiana-based company even toured the old GM stamping plant before selecting the former Market Square Arena site.
Officials for the Columbus-based engine maker are planning a $30 million development, including 164,000 square feet of office space, a conference center, parking garage and lots of public greenspace.
The company plans to consolidate 80 employees from distribution sites in Seymour, Jonesville and Greenwood at the new $15 million warehouse and distribution center.
The Columbus-based manufacturer of heavy-duty engines saw profit jump 19 percent on stronger sales in North America and abroad.
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.
Cummins Inc. said Monday that second-quarter profit jumped 7.7 percent on strong sales in North America. The results exceeded analyst expectations.
Cummins Inc. plans to pick a proposal from one of three New York-based architecture firms vying to design its global distribution headquarters downtown.
