Cummins Inc. has sold its Exhaust Business to Global Tube
Lincoln International, the independent global mid-market investment bank, has advised Cummins Inc. (NYSE:CMI) on the sale of its exhaust business, which has operations in Arcadia, Wisconsin; Viroqua, Wisconsin; Black River Falls, Wisconsin; Daman, India; and Scoresby, Australia to Global Tube, a portfolio company of Wind Point Partners, a private equity firm headquartered in Chicago, Illinois. The exhaust business was part of Cummins Emission Solutions (CES), which specializes in providing a range of after treatment solutions and technologies to control emissions in diesel engines. The sale will allow CES to place greater emphasis and resources on products that are a critical part of Cummins’ growth strategy.
Cummins’ exhaust business designs and manufactures exhaust products for a variety of applications, including agricultural and construction equipment, light vehicles, military vehicles, on-highway trucks and buses, industrial vehicles and power generation equipment. The exhaust business operates through three production facilities in North America, as well as facilities in India and Australia, together employing more than 800 people. Global Tube is a leading manufacturer of tubes used in emissions, coolant, heating, air intake, and exhaust handling applications for heavy and medium duty trucks and off-road vehicles. The combined business will operate under the name Nelson Global Products, a familiar name in the exhaust business.
Commenting on the transaction, Robert Satow, Co-Head of Lincoln’s Global Automotive & Truck Group, said, “We are delighted to have worked with a company of the stature of Cummins on this divestiture, which represents our second recent transaction in the exhaust emissions space. The strategic fit with Global Tube was compelling.”
About Cummins Inc.
Cummins Inc., a global power leader, designs, manufactures, distributes and services engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, Cummins serves customers in approximately 190 countries and territories through a network of more than 500 company-owned and independent distributor locations and approximately 5,200 dealer locations. The Company reported net income attributable to Cummins Inc. of $1.0 billion on sales of $13.2 billion in 2010. For more information, please visit www.cummins.com.
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