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Released February 07, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--High global demand for its engine and power-system products, particularly from China, drove Cummins Incorporated (NYSE:CMI) (Columbus, Indiana) to record full-year revenues and operating cash flow in 2023, helped partly by its launch of a new business for zero-emission solutions and battery-cell production. But executives warn 2024 will see weaker demand for some of its engine products. Industrial Info is tracking about $4 billion worth of active and proposed projects from Cummins.
Click on the image at right for a graph detailing active and planned projects from Cummins, by standard industrial classification.
Last spring, Cummins debuted its Accelera business, which develops zero-emissions solutions across multiple industries; later in the year, it partnered with Daimler Trucks & Buses (Leinfelden-Echterdingen, Germany), PACCAR (NASDAQ:PCAR) (Bellevue, Washington) and EVE Energy (Beijing, China) to develop localized battery-cell production in the U.S., in an effort to improve the battery supply chain. The joint venture is planning a battery plant in Byhalia, Mississippi, which will manufacture lithium-iron-phosphate (LFP) battery cells for commercial electric vehicles (EV) and other industrial applications.
Cummins said in its quarterly press release that total investment in the project is expected to range from $2 billion to $3 billion, with production expected to begin in 2027. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project and Plant databases can learn more from a detailed project report and plant profile.
Cummins also acquired two automotive emission-control system manufacturing plants in Fort Wayne, Indiana, and Roermond, Netherlands, last year from Faurecia SE (Nanterre, France). Subscribers can learn more in detailed profiles for the Fort Wayne and Roermond plants.
The company also is performing upgrades at several of its combustion and diesel engine-manufacturing plants. Both types are to be found just a few miles apart in Columbus, Indiana: a $150 million upgrade to a combustion engine plant and a $150 million upgrade to a diesel engine plant, both of which kicked off in the fourth quarter and are expected to wrap up this summer. In both cases, Cummins aims to bolster its clean-energy technology, including the addition of fuel-agnostic engine platforms that would run on low-carbon fuels. Subscribers can learn more from detailed reports on the combustion and diesel projects.
Later this year, Cummins plans to begin an extensive series of upgrades at its Rocky Mount Diesel Engines Plant in Whitakers, North Carolina, which is expected to implement some of the same technologies as the Indiana projects but take up to two and a half years. Subscribers can learn more from a detailed project report.
"In 2024, we anticipate that demand will slow, particularly in the North America heavy-duty truck market, partially offset by strength in other key markets, and [we] have already taken some actions to reduce cost," said Jennifer Rumsey, the chief executive officer of Cummins, in a quarterly earnings-related press release. "Consistent with how we have managed Cummins through prior cycles, and in alignment with our 'Destination Zero' strategy, we will continue investment in new technologies and products in 2024."
In December, Cummins began the process of closing its diesel engine-testing site in Charleston, South Carolina, with plans to sell off the plant and equipment. It is expected to wrap up this summer. Subscribers can learn more from a detailed project report.
Although Cummins' 2024 outlook includes its Atmus Filtration Technologies subsidiary, the company intends to spin off its remaining ownership in Atmus through an exchange offer sometime this year. The outlook excludes any costs or benefits associated with the planned separation of Atmus, according to Cummins.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects worldwide from Cummins.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing active and planned projects from Cummins, by standard industrial classification.Last spring, Cummins debuted its Accelera business, which develops zero-emissions solutions across multiple industries; later in the year, it partnered with Daimler Trucks & Buses (Leinfelden-Echterdingen, Germany), PACCAR (NASDAQ:PCAR) (Bellevue, Washington) and EVE Energy (Beijing, China) to develop localized battery-cell production in the U.S., in an effort to improve the battery supply chain. The joint venture is planning a battery plant in Byhalia, Mississippi, which will manufacture lithium-iron-phosphate (LFP) battery cells for commercial electric vehicles (EV) and other industrial applications.
Cummins said in its quarterly press release that total investment in the project is expected to range from $2 billion to $3 billion, with production expected to begin in 2027. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project and Plant databases can learn more from a detailed project report and plant profile.
Cummins also acquired two automotive emission-control system manufacturing plants in Fort Wayne, Indiana, and Roermond, Netherlands, last year from Faurecia SE (Nanterre, France). Subscribers can learn more in detailed profiles for the Fort Wayne and Roermond plants.
The company also is performing upgrades at several of its combustion and diesel engine-manufacturing plants. Both types are to be found just a few miles apart in Columbus, Indiana: a $150 million upgrade to a combustion engine plant and a $150 million upgrade to a diesel engine plant, both of which kicked off in the fourth quarter and are expected to wrap up this summer. In both cases, Cummins aims to bolster its clean-energy technology, including the addition of fuel-agnostic engine platforms that would run on low-carbon fuels. Subscribers can learn more from detailed reports on the combustion and diesel projects.
Later this year, Cummins plans to begin an extensive series of upgrades at its Rocky Mount Diesel Engines Plant in Whitakers, North Carolina, which is expected to implement some of the same technologies as the Indiana projects but take up to two and a half years. Subscribers can learn more from a detailed project report.
"In 2024, we anticipate that demand will slow, particularly in the North America heavy-duty truck market, partially offset by strength in other key markets, and [we] have already taken some actions to reduce cost," said Jennifer Rumsey, the chief executive officer of Cummins, in a quarterly earnings-related press release. "Consistent with how we have managed Cummins through prior cycles, and in alignment with our 'Destination Zero' strategy, we will continue investment in new technologies and products in 2024."
In December, Cummins began the process of closing its diesel engine-testing site in Charleston, South Carolina, with plans to sell off the plant and equipment. It is expected to wrap up this summer. Subscribers can learn more from a detailed project report.
Although Cummins' 2024 outlook includes its Atmus Filtration Technologies subsidiary, the company intends to spin off its remaining ownership in Atmus through an exchange offer sometime this year. The outlook excludes any costs or benefits associated with the planned separation of Atmus, according to Cummins.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects worldwide from Cummins.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
