A new venture

  • 14-Aug-2008 09:31 EDT

Cummins Inc. has concluded its joint ventures with CNH Global N.V. and Iveco N.V. Under the new agreement, Cummins will purchase CNH’s equity stake in Consolidated Diesel Co. (CDC) and will sell its interest in the European Engine Alliance (EEA). CDC, located in Whitakers, NC, will become a wholly owned entity of Cummins. Cummins entered the joint venture with Case Corp. in 1980 and has produced more than 2.7 million midrange engines. Cummins will purchase CNH’s 50% interest in CDC. EEA was established in 1996 as a joint venture between Cummins and two Fiat Group companies, Iveco N.V. and New Holland, which is now CNH Global N.V., to develop a new generation of 4-, 5-, and 6-L engines. Cummins will sell its one-third interest in EEA to Fiat Powertrain Technologies.

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