Cummins announces new $1 billion stock repurchase program

Cummins, Inc.
January 2, 2013
Filed under News

Cummins Inc. (NYSE: CMI) today announced that the Board of Directors has authorized the Company to repurchase up to $1 billion in shares of common stock.

The program was approved as the Company approaches completion of its current $1 billion share repurchase program approved by the Board in February 2011.

“The announcement of this new repurchase program reinforces our commitment to returning value to shareholders and follows a 25 percent increase in the dividend announced in July,” said Cummins Chairman and Chief Executive Officer Tom Linebarger. “We continue to have confidence in the Company’s future performance and our strong balance sheet allows us the flexibility to fund future growth and to continue to reward shareholders.”

Comments

One Response to “Cummins announces new $1 billion stock repurchase program”

  1. RON LAFONTAINE on January 6th, 2013 1:31 pm

    IS IT TRUE???, THAT MERCURY MARINE IS NO LONGER MANUFACTURING OR SUPPORTING EXISTING POD DRIVES (ZEUS) USED BY CUMMINGS?

    I WOULD APPRECIATE AN ANSWER TO THIS QUESTION AS I RECENTLY PURCHASED A GRAND BANKS USING THIS SYSTEM.

    THANK YOU!
    SINCERELY,

    RON LAFONTAINE

    [Reply]

Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!