Cummins

Manufacturer of engines and technologies.

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Headquarters:
500 Jackson St.
Columbus, IN 47202
Employees: 54,600
CEO: Thomas Linebarger
Stock Symbol: CMI

Website: http://www.cummins.com

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Cummins and its business units design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems.

Cummins engines can be found in a variety of industries, from oil rigs to boats, recreational vehicles, construction vehicles, military vehicles and Chrysler's Dodge Ram trucks.

Cummins serves customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and approximately 7,200 dealer locations.

Cummins reported record revenues in 2014 of $19.2 billion, up 11% from the previous year. Net income was $1.65 billion. Acquisitions contributed 3 percent to revenue growth. Revenues in North America increased 20 percent and international sales grew 2 percent. Within international markets, growth in China more than offset weaker demand in Brazil and India.

Cummins' improvement in profitability was driven by record performance in the Components and Distribution businesses and higher earnings in the Engine business. Results in the Company's Power Generation business fell short of expectations, but the actions the Company has taken to lower costs will improve earnings going forward. Demand in North American on-highway markets is expected to improve again in 2015, but will be partially offset by continued weakness in international markets and the negative impact of the strong U.S. dollar.

"We reported record revenues in 2014 despite weak economic conditions in several of our most important international markets," said Chairman and CEO Tom Linebarger. "Revenues grew 11 percent as demand in on-highway markets in North America improved, we continued executing our distributor acquisition strategy, and we delivered strong growth in China driven by new products. We continued to invest in future growth, reflecting our commitment to technology and product leadership, while growing EBIT faster than sales."

History

The Cummins Engine Company was incorporated on February 3, 1919. William Glanton "W.G." Irwin-a successful Columbus banker-investor who supported several local entrepreneurs-supplied the starting capital. The new company's namesake, Clessie Lyle Cummins, was a self-taught mechanic-inventor. The Irwins hired him in 1908 to drive and maintain their car, and later set him up in business as an auto mechanic. During World War I, Clessie operated a machine shop that thrived on government contracts. By then, he was convinced that an engine technology invented by Rudolph Diesel in the 1890s-while still unproven commercially-held great promise for its fuel economy and durability. To enter the business, Cummins secured manufacturing rights from a Dutch diesel licensor named Hvid.

The first Hvid engines made by Cummins in 1919 were six-horsepower, four-cycle models used for stationary power. Like other diesel licensees, Cummins found the technology to be underdeveloped and unsalable. But with the assistance of a bright former Hvid engineer named H.L. Knudsen, Clessie began working on his own designs. He soon produced a pioneering single-disk fuel system.

Benefits

Here are some benefits offered to employees:

- Paid Group Medical & Dental Insurance   
- Short & Long Term Disability Protection   
- Paid Vacations   
- Paid Calendar Holidays   
- Paid Floating Holidays   
- Life Insurance   
- Pension Plan For Contract Employees   
- 401(k) Plan For Office Hourly and Salaried Employees   
- Collaborative Union Partnership   
- Direct Deposit   
- Career Development   
- Educational/Tuition Assistance   
- Employee Purchase Program   
- Employee Rewards and Recognition   
- Safety/Wellness Committees   
- Local Membership Discounts   
- Community Support Activities   

Updated February 5, 2015