- Cummins Inc (NYSE:CMI) has agreed to acquire 50% equity interest in Momentum Fuel Technologies from Rush Enterprises Inc (NASDAQ:RUSHA).
- The terms of the deal were not disclosed.
- The transaction is expected to close later this year.
- The joint venture between Rush Enterprises and Cummins will produce Cummins-branded natural gas fuel delivery systems for the commercial vehicle market in North America.
- The joint venture will offer aftermarket support through Rush Truck Centers dealerships and Cummins distributors who will serve both the engine and the fuel delivery system.
- “This partnership will improve customers service for both CNG and RNG through an improved support network,” said Srikanth Padmanabhan, President of the Engine Business at Cummins.
- Cummins cash and equivalents amounted to $2.96 billion as of March 31, 2021.
- Price action: CMI shares are trading lower by 0.68% at $239.84 in the after-hours session on the last check Tuesday.
Actionable Stock Market Trading Newswire. Built for Traders, by Traders.
All news is property of their respective owners.
All news is property of their respective owners.
