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LONDON, UK / ACCESSWIRE / May 16, 2018 / If you want access to our free research report on Cummins Inc. (NYSE: CMI), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CMI as the Company's latest news hit the wire. On May 14, 2018, the Company announced that it has formed a 50:50 joint venture (JV) with China-based Anhui Jianghuai Automobile Co. Ltd ("JAC Motors"). The JV was formed after Cummins purchased Navistar's 50% equity of the JAC-Navistar Diesel Engine Co. ("JND"). Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Details of the JV
- The new JV will continue its operations at the manufacturing facility in Hefei, China, and will continue offering customers leading NS V diesel engines. It will also focus on developing new products that meet NS VI standards.
- The ownership change of the JV is subject to regulatory approvals and the operations of the new JV are expected to commence following completion of all approvals.
Cummins and JAC Motors Share Similar Values and are Both Committed to Bringing Customers the Right Power Solutions
Steve Chapman, Cummins Group's Vice President, China and Russia, stated that the Company is delighted on expanding its long-term relationship with JAC Motors, which is one of the most respected automotive Companies in China. Cummins and JAC Motors share similar values and are both committed to bringing customers the right power solutions at the right time to power their success. Chapman added that by strengthening the relationship, the Companies can focus on becoming more competitive in their markets by developing and offering high-quality, clean, and fuel-efficient products.
JV will Result in Integration of JAC Motors' Equipment Expertise with Cummins' World-Class Technological Capabilities
Commenting on the agreement, Xiang Xingchu, General Manager of JAC Motors, stated that the JV partnership between JAC Motors and Cummins is a natural progression in their successful 20-year relationship and JAC Motors is thrilled about the potential of the partnership. Xingchu added that by integrating JAC Motors' equipment expertise with Cummins' world-class technological and powertrain capabilities, it will have the right formula in place for tremendous success.
Cummins Acquired Johnson Matthey's Automotive Battery Systems Business
On January 31, 2018, the Company acquired Johnson Matthey's UK automotive battery systems business, a subsidiary of Johnson Matthey that specializes in high-voltage automotive grade battery systems for electric and hybrid vehicles. As part of the acquisition, Cummins and Johnson Matthey also agreed to collaborate on the development of high energy battery materials for commercial heavy duty applications. The acquisition of the automotive battery systems business allowed Cummins to expand its electrification and energy storage capabilities in its efforts to be a global leader in electrified power.
About Anhui Jianghuai Automobile Co. Ltd
JAC Motors was established in 1964, and is the leading vehicle brand in China, selling passenger and commercial vehicles to over 100 countries worldwide. Currently, JAC Motors has over 500 dealerships, 2 overseas tech centers, and 19 assembly plants in over 50 countries worldwide across Latin America, Europe, Africa, the Middle-East, and Asia.
About Cummins Inc.
Founded in 1919 and headquartered in Columbus, Indiana, Cummins is a global power technology leader and a corporation of complementary business units that design, engineer, manufacture, distribute, and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions, and electrical power generation systems.
Stock Performance Snapshot
May 15, 2018 - At Tuesday's closing bell, Cummins' stock rose 1.08%, ending the trading session at $146.44.
Volume traded for the day: 1.50 million shares.
After yesterday's close, Cummins' market cap was at $24.17 billion.
Price to Earnings (P/E) ratio was at 13.67.
The stock has a dividend yield of 2.95%.
The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry.
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