COLUMBUS, IN--May 8, 2012: Cummins Inc. is in a strong position tocontinue expanding in global markets and meet its long-term growthtargets, Cummins Chairman and Chief Executive Officer TomLinebarger told shareholders at the Company's annual meeting today. "Our technology leadership in markets around the worldenables Cummins to capitalize on the macro trends that are shapingthe global economy -- stringent emission standards, rising energyprices, globalization and infrastructure growth" Linebarger highlighted Cummins' 2011 results, including recordfinancial performance with sales up 36 percent from 2010 to morethan $18 billion, and earnings before interest and tax (EBIT) up 54percent to $2.56 billion. Cummins' outstanding 2011 performance andthe strong start to 2012 positions the Company to achieve its goalof $30 billion in sales in 2015, he said. "Our technology leadership in markets around the world enablesCummins to capitalize on the macro trends that are shaping theglobal economy -- stringent emission standards, rising energyprices, globalization and infrastructure growth," Linebarger said.
The Company's profits have tripled over the past decade asinvestments in growth, new products and leading-edge technologyhave paid off, he said. Cummins' strategy to focus on five growthaccelerators makes it possible to meet the challenges of thechanging global economy -- adopt a growth mindset, develop from amultinational to a global company, achieve supply chain excellence,deliver Customer Support Excellence (CSE), and invest in leadershipdevelopment. "I'm proud to report a strong year in 2011 with record financialperformance and I believe our future is even brighter as wecapitalize on our current strengths and future opportunities," saidLinebarger said. "However, I am even more proud of the hard workand commitment of the 44,000 Cummins employees who come to workeach day not only making a difference here, but having a positiveimpact on the community as well." Linebarger thanked Cummins employees across the world for theirhard work, highlighting numerous examples of how they exemplifycorporate values through both their work at Cummins as well as inthe community. More than 16,000 Cummins employees spent about130,000 hours working to better their communities, he noted.
In the business portion of the meeting, Cummins shareholders votedto elect the nine Cummins directors standing for election to theBoard for another year and ratified PricewaterhouseCoopers LLC asthe Company's external auditing firm for 2012. The Board members elected today are: Tom Linebarger Chairman and Chief Executive Officer, Cummins Inc.(first elected to the board in 2009) Robert Bernhard, Vice President for Research, University of NotreDame (2008) Dr. Franklin Chang-D az, Chairman and CEO, Ad Astra Rocket Co.(2009) Stephen B. Dobbs, Senior Group President, Fluor Corp. Pet Carrier Bags
(2010) Robert Herdman, Managing Director, Kalorama Partners LLC (2008) Alexis M. Herman, Chairman and CEO, New Ventures Inc. (2001) William I. Miller, President of the Wallace Foundation (1989) Georgia R. China RPET Bag
Nelson, President and CEO, PTI Resources LLC (2004) Carl Ware, Retired Executive Vice President Coca-Cola Co. (2004) Shareholders also: Overwhelmingly approved, on an advisory basis, the compensation forLinebarger and other the named executives as listed in Cummins'proxy statement. Approved an amendment to the Company's by-laws to permitshareholders who own at least 25 percent of outstanding shares ofcommon stock to call a special shareholders' meeting. In a separate matter, the Cummins Board today approved a quarterlycommon stock cash dividend of 40 cents per share. Recycled Shopping Bags Manufacturer
The dividendwould be payable on June 1, 2012 to shareholders of record on May18, 2012. About Cummins Cummins Inc., a global power leader, is a corporation ofcomplementary business units that design, manufacture, distributeand service engines and related technologies, including fuelsystems, controls, air handling, filtration, emission solutions andelectrical power generation systems. Headquartered in Columbus,Indiana, (USA) Cummins employs approximately 44,000 peopleworldwide and serves customers in approximately 190 countries andterritories through a network of more than 600 company-owned andindependent distributor locations and approximately 6,500 dealerlocations. Cummins earned $1.85 billion on sales of $18.0 billionin 2011. Press releases can be found on the Web at Cummins .
The Company's profits have tripled over the past decade asinvestments in growth, new products and leading-edge technologyhave paid off, he said. Cummins' strategy to focus on five growthaccelerators makes it possible to meet the challenges of thechanging global economy -- adopt a growth mindset, develop from amultinational to a global company, achieve supply chain excellence,deliver Customer Support Excellence (CSE), and invest in leadershipdevelopment. "I'm proud to report a strong year in 2011 with record financialperformance and I believe our future is even brighter as wecapitalize on our current strengths and future opportunities," saidLinebarger said. "However, I am even more proud of the hard workand commitment of the 44,000 Cummins employees who come to workeach day not only making a difference here, but having a positiveimpact on the community as well." Linebarger thanked Cummins employees across the world for theirhard work, highlighting numerous examples of how they exemplifycorporate values through both their work at Cummins as well as inthe community. More than 16,000 Cummins employees spent about130,000 hours working to better their communities, he noted.
In the business portion of the meeting, Cummins shareholders votedto elect the nine Cummins directors standing for election to theBoard for another year and ratified PricewaterhouseCoopers LLC asthe Company's external auditing firm for 2012. The Board members elected today are: Tom Linebarger Chairman and Chief Executive Officer, Cummins Inc.(first elected to the board in 2009) Robert Bernhard, Vice President for Research, University of NotreDame (2008) Dr. Franklin Chang-D az, Chairman and CEO, Ad Astra Rocket Co.(2009) Stephen B. Dobbs, Senior Group President, Fluor Corp. Pet Carrier Bags
(2010) Robert Herdman, Managing Director, Kalorama Partners LLC (2008) Alexis M. Herman, Chairman and CEO, New Ventures Inc. (2001) William I. Miller, President of the Wallace Foundation (1989) Georgia R. China RPET Bag
Nelson, President and CEO, PTI Resources LLC (2004) Carl Ware, Retired Executive Vice President Coca-Cola Co. (2004) Shareholders also: Overwhelmingly approved, on an advisory basis, the compensation forLinebarger and other the named executives as listed in Cummins'proxy statement. Approved an amendment to the Company's by-laws to permitshareholders who own at least 25 percent of outstanding shares ofcommon stock to call a special shareholders' meeting. In a separate matter, the Cummins Board today approved a quarterlycommon stock cash dividend of 40 cents per share. Recycled Shopping Bags Manufacturer
The dividendwould be payable on June 1, 2012 to shareholders of record on May18, 2012. About Cummins Cummins Inc., a global power leader, is a corporation ofcomplementary business units that design, manufacture, distributeand service engines and related technologies, including fuelsystems, controls, air handling, filtration, emission solutions andelectrical power generation systems. Headquartered in Columbus,Indiana, (USA) Cummins employs approximately 44,000 peopleworldwide and serves customers in approximately 190 countries andterritories through a network of more than 600 company-owned andindependent distributor locations and approximately 6,500 dealerlocations. Cummins earned $1.85 billion on sales of $18.0 billionin 2011. Press releases can be found on the Web at Cummins .
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