cummins inc (CMI) Key Developments
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on September 1, 2015
Jul 14 15
The Board of Directors of Cummins Inc. approved an increase in the company's quarterly cash dividend on common stock of 25% to 97.5 cents per share from 78 cents per share. The dividend is payable on September 1, 2015, to shareholders of record on August 21, 2015.
Cummins Inc. Announces Executive Changes
Jun 30 15
Cummins Inc. announced that Dr. John Wall, Vice President – Chief Technical Officer, will be retiring after nearly 30 years with the company. Wall has been at the center of many pivotal moments and initiatives in Cummins' history over the past quarter century. Jennifer Rumsey, Vice President of Engineering for Cummins' Engine Business, will take Wall's place. He has also played a key role in the transformation of the Company's technical function taking it from approximately 1,000 engineers primarily based in Columbus, Indiana (U.S.A.), to a global organization with the collective talents of more than 6,000 engineers located around the world, including technical centers in India, China and Brazil.
Cummins, Inc. to Expand its Memphis Distribution Operations
May 19 15
Cummins Inc. announced that the company will invest $6.7 million to expand its current parts and distribution center in Memphis, creating 70 new jobs for Shelby County. By expanding the size of the Memphis PDC (parts distribution center), Cummins will be able to support the further growth of global supply chain requirements. This investment will allow the company to synchronize warehousing activities and optimize freight and transportation options, operations that are critical to the success of Cummins and its customer satisfaction. Cummins plans to begin expanding in June, with final completion expected in December 2015.
Cummins Announces Production of PowerCommand 3300 Controller
May 15 15
Cummins Inc. has announced the production of the PowerCommand, or PCC, 3300 controller for drilling operations. The PCC 3300 monitors, meters and serves as a control system for Cummins Drilling Power Modules, designed to maximize both engine efficiency and rig uptime through automated engine load management and enhanced system integration. Built and tested to perform in the harshest oil and gas drilling applications, Cummins PCC 3300 is the perfect tool for enabling smarter, more efficient rig operation and control under a single, integrated system. Cummins PCC 3300 communicates with Cummins DPMs and Kato or AVK alternators to form a truly integrated drilling power system. The system maximizes efficiency by allowing each engine and alternator to continuously communicate with each other, providing faster response time and greater load acceptance. The controller then uses that communication to automatically manage and distribute engine loads, activating and deactivating drilling power modules, automatically synchronizing and paralleling them and putting them on the bus as needed. Those real-time adjustments enable each drilling power module to deliver more power, faster. Not only is efficiency optimized by the Cummins PCC 3300, but rig productivity is improved through smarter drilling power module control. Cummins PCC 3300 allows the operator to preset load profiles, which automatically adjust loads between engines, bringing additional drilling power modules online as loads increase. Shutdown points can also be programmed, allowing drilling power modules to be taken offline as loads decrease. By optimizing the operation and shutdown of multiple modules automatically through load profiles, system response times are dramatically reduced. Cummins PCC 3300 also reduces the total cost of ownership by only running drilling power modules as needed, reducing idle run time and the associated fuel, oil and maintenance costs that come with it. Cummins PCC 3300 controller is an option on drilling power module packages designed and manufactured by the Cummins Oil and Gas Center of Excellence (COE) in Houston.
Cummins and Buhler Industries Announce Extension of Long-Term Supply Agreement
May 14 15
Cummins Inc. and Buhler Industries Inc. announced they have extended their global long-term engine supply agreement for U.S. Environmental Protection Agency (EPA) Tier 3, Tier 4 Interim and Tier 4 Final engines. As a part of the long-term supply agreement, Cummins is the engine supplier to Versatile agriculture equipment for Tier 3 QSL, QSM and QSX engines, Tier 4 Interim QSB6.7, QSL9, QSX11.9 and QSX15 engines, and Tier 4 Final QSB6.7, QSL9, QSG12 and QSX15 engines. Cummins diesel engines supply power to the full lineup of Versatile agriculture products, including row crop, four-wheel drive, DeltaTrack and scraper tractors, combines and sprayers.