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Cummins Inc. is a global leader in power solutions, specializing in the design, manufacture, distribution, and servicing of a wide range of power solutions, including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components . The company operates through five main business segments: Components, Engine, Distribution, Power Systems, and Accelera, serving a diverse range of markets globally . Cummins' extensive network of service locations spans approximately 190 countries and territories, catering to OEMs, distributors, and dealers .
- Components - Designs and manufactures powertrain-related components such as axles, drivelines, brakes, suspension systems, filtration, aftertreatment, turbochargers, and fuel systems .
- Engine - Produces engines for both on-highway and off-highway markets, offering a variety of power solutions .
- Distribution - Manages the wholesaling of engines, generator sets, and service parts, ensuring a broad reach across various markets .
- Power Systems - Focuses on larger engines for industrial applications and power generation, providing robust solutions for heavy-duty needs .
- Accelera - Engages in hydrogen production technologies and electrified power systems, advancing sustainable energy solutions .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jennifer Rumsey ExecutiveBoard | Chair and Chief Executive Officer | Director of Hillenbrand, Inc. | Jennifer Rumsey has been instrumental in leading Cummins' strategy for decarbonized power. She has extensive experience in manufacturing and technology issues. | View Report → |
Amy R. Davis Executive | Vice President and President—Accelera and Components | N/A | Amy Davis has led Cummins' transition to new technologies, focusing on clean energy solutions. | |
Bonnie Fetch Executive | Vice President and President of the Distribution Business | N/A | Bonnie Fetch has over 30 years of experience, including 20 years at Caterpillar, and leads Cummins' Distribution Business. | |
Brett Merritt Executive | Vice President and President of the Engine Business | N/A | Brett Merritt has been with Cummins for over 14 years, leading significant growth in the On-Highway Engine Business. | |
Jeffrey T. Wiltrout Executive | Vice President of Corporate Strategy | N/A | Jeffrey T. Wiltrout has been with Cummins since 2022, previously serving as Executive Director of Corporate Development. | |
Jenny M. Bush Executive | Vice President and President of Power Systems | N/A | Jenny M. Bush has been with Cummins since 2022, previously serving as VP of Cummins Sales & Service North America. | |
Jonathan Wood Executive | Vice President and Chief Technical Officer | N/A | Jonathan Wood has been with Cummins since 2023, previously serving as VP of New Power Engineering. | |
Mark A. Smith Executive | Vice President and Chief Financial Officer | N/A | Mark A. Smith is the Vice President and CFO of Cummins Inc. as of February 13, 2025. | |
Marvin Boakye Executive | Vice President and Chief Human Resources Officer | N/A | Marvin Boakye has driven HR transformation and talent strategy alignment at Cummins since 2022. | |
Nathan R. Stoner Executive | Vice President—China ABO | N/A | Nathan R. Stoner has led Cummins' operations in China, focusing on partnerships and joint ventures. | |
Nicole Y. Lamb-Hale Executive | Vice President—Chief Legal Officer and Corporate Secretary | N/A | Nicole Y. Lamb-Hale joined Cummins in 2021 and has served as Chief Legal Officer since 2022. | |
Sharon R. Barner Executive | Vice President – Chief Administrative Officer | N/A | Sharon R. Barner has led initiatives in corporate responsibility, ESG strategy, and risk management at Cummins. | |
Srikanth Padmanabhan Executive | Executive Vice President and President of Operations | N/A | Srikanth Padmanabhan has been with Cummins for over 30 years, focusing on operational improvements and innovation. | |
Bruno V. Di Leo Board | Director | Director of Ferrovial, S.A.; Member of IESE Business School's International Advisory Board | Bruno V. Di Leo brings over 40 years of business leadership experience, particularly in international business issues. | |
Carla A. Harris Board | Director | Senior Client Advisor at Morgan Stanley; Board Member at Walmart and MetLife | Carla A. Harris is a Senior Client Advisor at Morgan Stanley and serves on the boards of Walmart and MetLife. | |
Daniel W. Fisher Board | Director | Chairman and CEO of Ball Corporation | Daniel W. Fisher has extensive experience in finance and operations, currently serving as CEO of Ball Corporation. | |
Gary L. Belske Board | Director | Board of Trustees at Rockhurst University; Board Member at WilliamsMarston | Gary L. Belske brings extensive experience in financial and risk management from his 38-year career at Ernst & Young. | |
John H. Stone Board | Director | President and CEO of Allegion plc | John H. Stone is the CEO of Allegion plc and has extensive experience in strategic leadership and technology integration. | |
Karen H. Quintos Board | Director | Board Member at Lennox International; Board Member at The National Center for Missing and Exploited Children | Karen H. Quintos was the first Chief Customer Officer at Dell Technologies and serves on several nonprofit boards. | |
Kimberly A. Nelson Board | Director | Board Member at Tate & Lyle PLC and Colgate-Palmolive Company | Kimberly A. Nelson has nearly 30 years of experience at General Mills, focusing on brand management and ESG initiatives. | |
Robert J. Bernhard Board | Director | Professor at University of Notre Dame; Past President of I-INCE | Robert J. Bernhard provides insights into safety and technology planning, leveraging his technical background. | |
Thomas J. Lynch Board | Director | Chairman of TE Connectivity Ltd.; Director of ADP | Thomas J. Lynch is the Chairman of TE Connectivity and serves as a director at ADP. | |
William I. Miller Board | Director | President of The Wallace Foundation; Independent Chairman of New Perspective Fund | William I. Miller has extensive experience in banking and investment, serving as President of The Wallace Foundation. |
- Given the significant margin expansion in the Engine segment this quarter, how sustainable are these operational efficiencies, and what specific steps are you taking to maintain margins if demand softens in the heavy-duty truck market?
- With the expected softening in the heavy-duty truck market and further volume reductions in your pickup truck business, how confident are you in maintaining EBITDA growth over the next year, and what are the key risks that could impact your outlook?
- Considering the strong demand in Power Systems leading to high incremental margins this year, what factors could cause weaker incremental margins in 2025, and how are you planning to address potential margin pressures in this segment?
- Given that the mix in your Distribution business is shifting towards whole goods, which are margin negative compared to aftermarket, how do you plan to manage the impact on overall margins, and can you sustain operational efficiencies to offset the negative mix effect?
- With your ongoing investments in alternative power solutions like the X15N natural gas engine and the new electrolyzer plant in Spain, what is the expected timeline for these investments to significantly contribute to revenue and profitability, and what challenges do you anticipate in scaling up these technologies?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
In the markets served by the Power Systems segment, the company competes with a variety of independent engine manufacturers and generator set assemblers as well as OEMs who manufacture engines for their own products around the world. | |
MTU (Rolls Royce Power Systems Group) | In the markets served by the Power Systems segment, the company competes with a variety of independent engine manufacturers and generator set assemblers as well as OEMs who manufacture engines for their own products around the world. |
Kohler/SDMO (Kohler Group) | In the markets served by the Power Systems segment, the company competes with a variety of independent engine manufacturers and generator set assemblers as well as OEMs who manufacture engines for their own products around the world. |
INNIO | In the markets served by the Power Systems segment, the company competes with a variety of independent engine manufacturers and generator set assemblers as well as OEMs who manufacture engines for their own products around the world. |
In the markets served by the Power Systems segment, the company competes with a variety of independent engine manufacturers and generator set assemblers as well as OEMs who manufacture engines for their own products around the world. | |
Mitsubishi Heavy Industries | In the markets served by the Power Systems segment, the company competes with a variety of independent engine manufacturers and generator set assemblers as well as OEMs who manufacture engines for their own products around the world. |
Leroy Somer | The alternator business competes globally with this company, among others. |
Marathon Electric | The alternator business competes globally with this company, among others. |
Meccalte | The alternator business competes globally with this company, among others. |
Daimler | In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. |
In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. | |
Traton | In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. |
BYD Company Limited | In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. |
In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. | |
In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. | |
Nel ASA | In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. |
Siemens Energy | In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. |
Thyssenkrupp | In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. |
In the markets served by the Accelera segment, the company competes with battery and emerging fuel cell companies, powertrain component manufacturers, vertically integrated OEMs and entities providing hydrogen production solutions. | |
Robert Bosch GmbH | The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. |
The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. | |
The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. | |
Tenneco Inc. | The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. |
Eberspacher Holding GmbH & Co. KG | The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. |
The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. | |
The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. | |
Aisin Corporation | The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. |
Knorr-Bremse AG | The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. |
ZF Friedrichshafen AG | The Components segment competes with other manufacturers of aftertreatment systems, turbochargers, fuel systems, drivetrain systems and transmissions. |
Weichai Power Co. Ltd. | In the Engine segment, competitors vary from country to country, with local manufacturers generally predominant in each geography. |
Deutz AG | In the Engine segment, competitors vary from country to country, with local manufacturers generally predominant in each geography. |
Volvo Powertrain | Truck OEMs may also elect to produce their own engines, and the company must provide competitive products to win and keep their business. |
Truck OEMs may also elect to produce their own engines, and the company must provide competitive products to win and keep their business. | |
China First Auto Works | Truck OEMs may also elect to produce their own engines, and the company must provide competitive products to win and keep their business. |
Dongfeng Motor Corporation | Truck OEMs may also elect to produce their own engines, and the company must provide competitive products to win and keep their business. |
Truck OEMs may also elect to produce their own engines, and the company must provide competitive products to win and keep their business. | |
Isuzu | Truck OEMs may also elect to produce their own engines, and the company must provide competitive products to win and keep their business. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
PACCAR Inc. | Long-term supply agreements for heavy-duty and medium-duty engines and aftertreatment systems. Has been a partner for 80 years. | All | 16% of consolidated net sales in 2024, 2023, and 2022. Worldwide sales of $5.4 billion in 2024 , $5.5 billion in 2023 , and $4.5 billion in 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Engendren Corporation | 2024 | Acquired on February 16, 2024, the deal involved a $65 million purchase consideration for 100% ownership, with $33 million in goodwill and $8 million in recognized intangibles as part of a business combination. |
Faurecia U.S. and Europe Exhaust Business | 2023 | Agreed in May 2023 and completed on October 2, 2023, this acquisition involved a final purchase price of approximately €199 million for operations including canning and assembly of full exhaust systems, integrating facilities in Columbus, Indiana and Roermond, Netherlands into Cummins’ Components segment to support their low-emission product strategy. |
Hydrogenics Corporation | 2023 | Completed on June 29, 2023, Cummins acquired an additional 19% (bringing total ownership to 100%) for a total purchase price of $335 million—including $287 million for the minority shareholder and $48 million for settlement of shareholder loans—with payments structured via non-interest-bearing promissory notes. |
Teksid Hierro de Mexico, S.A. de C.V. (Teksid MX) | 2023 | Finalized on April 3, 2023, the acquisition of Teksid MX, operating a cast iron foundry in Monclova, Mexico, was executed for approximately $150 million (subject to adjustments) to support Cummins’ Engine segment, with a significant focus on maintaining the existing customer base. |
Meritor, Inc. | 2022 | Completed on August 3, 2022, the acquisition was valued at approximately $2.9 billion, including $36.50 per share, debt assumptions and retirements, which strengthened Cummins' portfolio in powertrain components, particularly integrating axles, brakes, and electric powertrain capabilities to drive decarbonized and electrification strategies. |
Jacobs Vehicle Systems (JVS) | 2022 | Completed on April 8, 2022, the deal was executed for $346 million in cash (with no contingent consideration) to acquire leading engine braking, cylinder deactivation, and thermal management technologies—integral to Cummins' pursuit of a zero emissions strategy—with preliminary allocations including $164 million in intangible assets and $108 million in goodwill. |
Cummins Westport Joint Venture | 2022 | Completed on February 7, 2022, Cummins purchased Westport Fuel System Inc.’s stake for $42 million, becoming the sole owner of the joint venture, with the purchase price primarily allocated to cash, warranty, and deferred revenue, and the operation reported within Cummins' Engine segment. |
No recent press releases or 8-K filings found for CMI.