Cummins and Isuzu Enter into Power-Source Partnership Agreement
Cummins Inc. (NYSE: CMI) and Isuzu Motors Limited announced another step forward in their partnership by entering into the Isuzu Cummins Powertrain Partnership agreement. The agreement formalizes a business structure for the two companies to evaluate and carry out opportunities to jointly develop and bring new diesel and diesel-based powertrains to global markets.
Through this Powertrain Partnership, Isuzu and Cummins share the commitment to leverage both companies’ technical strengths to develop market-leading architectures for customers around the world.
Cummins and Isuzu committed to form an alliance board and to assign a team of dedicated individuals from each company to continue exploration of potential opportunities in product technology development, procurement and manufacturing.
“As Cummins celebrates 100 years of innovation, we continue to look for opportunities to build global relationships with companies that share our values and our focus on innovation,” said Tom Linebarger, Chairman and CEO – Cummins Inc. “This partnership is a terrific opportunity for both companies to leverage our respective strengths and create new opportunities to grow and broaden the product portfolio we bring to customers.”
“Isuzu and Cummins recognize the advanced diesel engine is, and will continue to be, an important power choice for global customers in commercial vehicle and industrial applications. This is especially true in developed countries where power sources are used for high-intensity operations, as well as in emerging countries where social infrastructure conditions are severe,” said Masanori Katayama, President and Representative Director – Isuzu Motors Limited.
Cummins and Isuzu have been leaders in technological innovation in complementary regions of the world. Together the companies believe there may be opportunities to benefit from each other’s unique strengths to drive global growth.
Both companies continue to innovate and advance the diesel engine in terms of power, quality, emissions and fuel efficiency and expect diesel to remain a primary power solution in many markets.
Isuzu, is a leading global automobile company, based in Tokyo, Japan and is engaged in the design, development, manufacturing, sale and service of commercial vehicles, pick-up trucks, diesel and natural gas engines, parts and components. Isuzu products are sold in over 150 countries and regions worldwide. Its Japan’s No.1 light-duty truck brand ELF holds top shares in many countries and acclaimed as the global standard in light-duty trucks. D-MAX pick-up truck has been manufactured and exported to approximately 120 countries from its production base in Thailand. More information can be found at www.isuzu.co.jp.
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues, EBITDA and agreement in principle to settle regulatory proceedings regarding our emissions certification and compliance process for pick-up truck applications. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into the Agreement in Principle, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; failure to successfully integrate and / or failure to fully realize all of the anticipated benefits of the acquisition of Meritor, Inc. (Meritor); raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; uncertainties and risks related to timing and potential value to both Atmus Filtration Technologies Inc. (Atmus) and Cummins of the planned separation of Atmus, including business, industry and market risks, as well as the risks involving the anticipated favorable tax treatment if there is a significant delay in the completion of the envisioned separation; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet environmental, social and governance (ESG) expectations or standards, or achieve our ESG goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2023 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.
Cummins Inc., a global power solutions leader, comprises five business segments – Components, Engine, Distribution, Power Systems and Accelera by Cummins – supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company’s commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, hydrogen production technologies and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 75,500 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $735 million on sales of $34.1 billion in 2023.
