|Bid||166.62 x 1000|
|Ask||170.25 x 1200|
|Day's Range||167.77 - 171.74|
|52 Week Range||140.88 - 186.73|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||10.52|
|Earnings Date||Feb 03, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||181.53|
Workers' approval of a possible divestment of Volkswagen's transmissions making unit Renk and MAN Energy Solutions depends on who the new owner will be, the carmaker's labour chief said on Friday. "If there is a decent buyer, if there is a fit, the labour representatives in the supervisory board will not oppose a sale," Bernd Osterloh, head of Volkswagen's works council, said, not elaborating further. Sources told Reuters last month that MAN Energy Solutions, which makes diesel engines for ships and power generators, had attracted bids from Europe's Innio, Japan's Mitsubishi Heavy and U.S.-based Cummins.
(Bloomberg) -- Volkswagen AG is disappointed with the offers so far for its MAN Energy Solutions division, according to people familiar with the matter, potentially dealing another blow to the German automaker’s efforts to focus on cars.VW has been holding bilateral talks since last year with potential buyers including Cummins Inc., said the people, who asked not to be identified because the discussions are private. Competitors including Mitsubishi Heavy Industries Ltd. have previously shown interest, they said, adding that the carmaker may decide to retain the business unless better offers emerge.Abandoning a sale of MAN Energy Solutions would mark a setback for VW’s efforts to concentrate on its core passenger car operations, which are requiring heavy spending to make the transition to electric vehicles. It sold a smaller-than-expected 10% stake in the Traton SE heavy-truck division in an initial public offering last year after months of delays and a previous attempt to divest the Ducati motorbike division was shot down by key stakeholders.VW declined to comment on the effort to sell MAN. A representative for Cummins didn’t immediately respond to a request for comment while Mitsubishi Heavy couldn’t immediately be reached for comment outside of regular business hours. The shares rose were up 0.7% as of 10:43 a.m. Friday in Frankfurt.VW decided about nine months ago to review strategic options including a sale of the specialist in large engines used in ships and factories. It also put industrial transmissions maker Renk AG, on the block. The power engineering group, which includes both Man Energy Solutions and Renk, has an sum-of-the-parts value of 2.5 billion euros ($2.76 billion), according to Bloomberg Intelligence analyst Michael Dean.A deal for Renk could still materialize as the maker of large gearboxes for tanks and other machinery has drawn interest from buyout firms EQT AB and Triton as well as German defence company Rheinmetall AG, according to people familiar with the matter. A winning bidder is expected to be selected in the next few weeks, they said.A representative for EQT declined to comment. Representatives for Triton and Rheinmetall didn’t immediately respond to requests for comment.MAN Energy Solutions has about 14,000 employees worldwide and recently changed its name from MAN Diesel & Turbo to highlight its sustainability offerings, which was seen as an effort to broaden the appeal of the unit.(Updates with estimate of asset value in fifth paragraph)To contact the reporters on this story: Aaron Kirchfeld in London at email@example.com;Christoph Rauwald in Frankfurt at firstname.lastname@example.org;Eyk Henning in Frankfurt at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, Tara PatelFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Cummins (NYSE: CMI) is well known for its commercial engines, which remain a popular choice for many drivers. Zonar has now introduced an over-the-air update option for those with Cummins engines. The Zonar OTAir provides remote software updates for Cummins-powered vehicles through an easy-to-use app.
Cummins Westport Inc. ("CWI") is pleased to announce that it has received certifications from both the U.S. Environmental Protection Agency ("EPA") and Air Resources Board ("ARB") in California for its B6.7N natural gas engine. Like the Cummins Westport ISX12N and L9N engines, the B6.7N meets California ARB optional Low NOx standard of 0.02 g/bhp-hr, a 90% reduction from engines operating at the current EPA NOx limit of 0.2 g/bhp-hr. The B6.7N also meets 2021 EPA greenhouse gas emission ("GHG") requirements.
Westport (WPRT) continues to benefit from stricter emission regulations and is cashing in on this environment with a portfolio of offerings.
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have been saying before last year's Q4 market crash that the stock market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the […]
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Cummins, Inc. New York, December 23, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Cummins, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Navistar International Corp. (NYSE: NAV) is regaining chunks of market share in medium- and heavy-duty trucks, winning back customers who walked away several years ago because they could not rely on the company's products. Navistar International Corp. has averaged a gain of a point of core market share a year since 2016. "The way we look at it in the investment community is the share has bounced back nicely from its low point," Stephen Volkmann, an analyst with Jefferies & Co., told FreightWaves.
Volkswagen has attracted bids from Europe's Innio, Japan's Mitsubishi Heavy and U.S.-based Cummins for its MAN Energy Solutions, which makes diesel engines for ships and power generators, people close to the matter said. Innio, formerly known as Jenbacher and owned by buyout group Advent, as well as the two other bidders last week made bids for the VW unit, which could have a valuation of 1.5-2 billion euros ($1.7-$2.2 billion) in a potential sale, they said. The divestment is part of Volkswagen's efforts to slim down and simplify the group which has 12 brands, trucks, buses, motorbikes, cars and electric bicycles as part of its business.
On December 10, the Board of Directors of Cummins Inc. (NYSE: CMI) authorized the Company to repurchase up to $2 billion in shares of common stock upon completion of its 2018 $2 billion share repurchase program.
The power and fuel efficiency of truck engines continue to rise as their size and weight shrink. Engines over 10 liters are projected to account for more than 85% of the Class 8 production between 2020 and 2024, according to a market analysis by ACT Research and Rhein Associates.
How far off is Cummins Inc. (NYSE:CMI) from its intrinsic value? Using the most recent financial data, we'll take a...
Last year's fourth quarter was a rough one for investors and many hedge funds, which were naturally unable to overcome the big dip in the broad market, as the S&P 500 fell by about 4.8% during 2018 and average hedge fund losing about 1%. The Russell 2000, composed of smaller companies, performed even worse, trailing […]
A century ago in a former warehouse in Columbus, Indiana, Clessie Cummins and William Irwin proved diesel power far exceeded its floundering early 20th century reputation. With just four workers in 1919, Cummins launched what 100 years later would be a global behemoth of more than 62,000 employees engaged in electrification, hydrogen fuel cells, power generation, data centers and, of course, diesel. In those early days, Clessie used long-distance drives on diesel power as proof points of the oil-based fuel's dependability.
Engine maker Cummins Inc. (NYSE: CMI) will lay off 2,000 workers in the first quarter of 2020, the latest impact of a trucking sector recession that is claiming jobs up and down the supply chain. "As we communicated to our employees last week, demand has deteriorated even faster than expected, and we need to adjust to reduce costs," Cummins spokesman Jon Mills said. The job cuts at Columbus, Indiana-based Cummins follow voluntary buyouts and other cost-saving moves.