Cummins Acquires Portions of Faurecia’s Commercial Vehicle Exhaust Aftertreatment Business in Europe and the United States
02 Outubro 2023 - 3:30AM
Business Wire
Cummins Inc. (NYSE: CMI) today announced that Cummins Emission
Solutions completed its acquisition of two Faurecia commercial
vehicle manufacturing plants and their related activities, one in
Columbus, Indiana (U.S.), and one in Roermond, Netherlands.
Faurecia is a global automotive technology leader and company of
the FORVIA Group.
“We announced our intent to acquire this portion of Faurecia’s
business in May of 2023, and the Cummins, Faurecia and FORVIA teams
have put forth incredible effort to push this across the finish
line in recent months,” said Vice President of Cummins Emission
Solutions Cary Chenanda. “This acquisition provides an opportunity
for the Cummins Emission Solutions business to ensure continued
access to the technology and facilities it needs to meet current
and future demand for low-emissions products and to ensure
continuity for both the employees and customers of the acquired
manufacturing facilities. I am energized by the opportunity to work
alongside our outstanding new colleagues and to serve the customers
that put their trust in us.”
Strategic rationale
Faurecia has been a partner and supplier to Cummins for more
than a decade, and the FORVIA Group’s divestment initiatives
offered Cummins an opportunity to ensure the long-term supply of
aftertreatment components and assemblies. The acquisition adds
significant technical and manufacturing resources and enhances
Cummins’ existing mixer portfolio. Cummins is committed to honoring
Faurecia’s existing supplier and customer contracts in both
facilities and will make the necessary investments to deliver on
the contracts. Faurecia remains a supplier to Cummins in India,
China, South Africa and South America.
Financing
Cummins financed the transaction, which had a total transaction
value of €199.2 million, using cash on the company’s balance
sheet.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of
complementary business segments that design, manufacture,
distribute and service a broad portfolio of power solutions. The
company’s products range from diesel, natural gas, electric and
hybrid powertrains and powertrain-related components including
filtration, aftertreatment, turbochargers, fuel systems, controls
systems, air handling systems, automated transmissions, axles,
drivelines, brakes, suspension systems, electric power generation
systems, batteries, electrified power systems, electric
powertrains, hydrogen production and fuel cell products.
Headquartered in Columbus, Indiana (U.S.), since its founding in
1919, Cummins employs approximately 73,600 people committed to
powering a more prosperous world through three global corporate
responsibility priorities critical to healthy communities:
education, environment and equality of opportunity. Cummins serves
its customers online, through a network of company-owned and
independent distributor locations, and through thousands of dealer
locations worldwide and earned about $2.2 billion on sales of $28.1
billion in 2022. See how Cummins is powering a world that's always
on by accessing news releases and more information at
https://www.cummins.com/always-on.
Forward-looking disclosure statement
Information provided in this release that is not purely
historical are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements regarding our forecasts, guidance, preliminary results,
expectations, hopes, beliefs and intentions on strategies regarding
the future. These forward-looking statements include, without
limitation, statements relating to our plans and expectations for
our revenues and EBITDA. Our actual future results could differ
materially from those projected in such forward-looking statements
because of a number of factors, including, but not limited to: any
adverse results of our internal review into our emissions
certification process and compliance with emission standards;
increased scrutiny from regulatory agencies, as well as
unpredictability in the adoption, implementation and enforcement of
emission standards around the world; changes in international,
national and regional trade laws, regulations and policies; changes
in taxation; global legal and ethical compliance costs and risks;
evolving environmental and climate change legislation and
regulatory initiatives; future bans or limitations on the use of
diesel-powered products; failure to successfully integrate and / or
failure to fully realize all of the anticipated benefits of the
acquisition of Meritor, Inc.; raw material, transportation and
labor price fluctuations and supply shortages; any adverse effects
of the conflict between Russia and Ukraine and the global response
(including government bans or restrictions on doing business in
Russia); aligning our capacity and production with our demand; the
actions of, and income from, joint ventures and other investees
that we do not directly control; large truck manufacturers' and
original equipment manufacturers' customers discontinuing
outsourcing their engine supply needs or experiencing financial
distress, or change in control; product recalls; variability in
material and commodity costs; the development of new technologies
that reduce demand for our current products and services; lower
than expected acceptance of new or existing products or services;
product liability claims; our sales mix of products; uncertainties
and risks related to timing and potential value to both Atmus
Filtration Technologies Inc. (Atmus) and Cummins of the planned
separation of Atmus, including business, industry and market risks,
as well as the risks involving the anticipated favorable tax
treatment if there is a significant delay in the completion of the
envisioned separations; our plan to reposition our portfolio of
product offerings through exploration of strategic acquisitions and
divestitures and related uncertainties of entering such
transactions; increasing interest rates; challenging markets for
talent and ability to attract, develop and retain key personnel;
climate change, global warming, more stringent climate change
regulations, accords, mitigation efforts, greenhouse gas (GHG)
regulations or other legislation designed to address climate
change; exposure to potential security breaches or other
disruptions to our information technology environment and data
security; political, economic and other risks from operations in
numerous countries including political, economic and social
uncertainty and the evolving globalization of our business;
competitor activity; increasing competition, including increased
global competition among our customers in emerging markets; failure
to meet environmental, social and governance (ESG) expectations or
standards, or achieve our ESG goals; labor relations or work
stoppages; foreign currency exchange rate changes; the performance
of our pension plan assets and volatility of discount rates; the
price and availability of energy; continued availability of
financing, financial instruments and financial resources in the
amounts, at the times and on the terms required to support our
future business; and other risks detailed from time to time in our
SEC filings, including particularly in the Risk Factors section of
our 2022 Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. Shareholders, potential investors and other readers are urged
to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the SEC, which are available at http://www.sec.gov or at
http://www.cummins.com in the Investor Relations section of our
website.
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version on businesswire.com: https://www.businesswire.com/news/home/20231001641061/en/
Jon Mills Director, External Communications 317-658-4540
Jon.mills@cummins.com
Cummins (NYSE:CMI)
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