CUMMINS INC (CMI)

Cummins Inc., founded in 1919 as Cummins Engine Company and headquartered in Columbus, Indiana, is a global power leader that designs, manufactures, distributes and services diesel, natural gas, electric and hybrid powertrains and related components, including filtration, aftertreatment, turbochargers, fuel systems, control 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. The company sells to OEMs, distributors, dealers and other customers worldwide through a network of roughly 460 wholly-owned, joint venture and independent distributor locations plus over 10,000 certified dealer locations across approximately 190 countries. In August 2022, Cummins acquired Meritor for $2.9 billion, splitting its operations between the axles and brakes business (Components segment) and the electric powertrain business (New Power segment).

The company continues to face supply chain disruptions and cost pressures affecting production and financial results. Cummins operates through five complementary segments: Engine, Components, Distribution, Power Systems and New Power, evaluated using segment EBITDA. The Engine segment produces diesel and natural gas engines (2.8–15 liters, 48–715 horsepower) for heavy/medium-duty trucks, buses, RVs, light-duty vehicles, construction, mining, marine, rail, oil and gas, defense and agriculture, with key customers including PACCAR, Traton, Daimler and Stellantis, competing against firms like Weichai Power and Deutz AG.

The Components segment supplies aftertreatment systems, turbochargers, filtration, fuel systems, electronics, axles, drivelines, brakes, suspension systems and automated transmissions (including via the Eaton Cummins joint venture), competing with Bosch, Donaldson, Parker-Hannifin, BorgWarner, Dana and others. The Distribution segment serves as the company's primary global sales, service and support channel across eight historical geographic regions, though Russian operations were suspended in 2022 due to the Ukraine conflict. The Power Systems segment offers power generation equipment, high-horsepower industrial engines, and generator technologies under brands like Stamford, Newage and AVK, competing with Caterpillar, Rolls-Royce Power Systems, Kohler and others.

The New Power segment focuses on hydrogen production (electrolyzers) and electrified power systems, including battery, fuel cell and electric powertrain technologies, competing with companies such as Ballard Power Systems, Nel ASA and Plug Power. Cummins maintains significant joint ventures, particularly in China (Dongfeng Cummins, Beijing Foton Cummins, Chongqing Cummins) and India (Tata Cummins, Cummins India Ltd.), as well as controlling interests in entities like Hydrogenics Corporation, a fuel cell and electrolyzer manufacturer. The company emphasizes supply chain risk management, dual/multi-sourcing strategies, and long-term supplier agreements to secure capacity, quality and cost objectives amid ongoing global supply chain challenges.