COLUMBUS, Ohio — Cummins Inc. has announced that it will repurchase $500 million of the company’s common stock as part of a previously announced plan to return 75 percent of operating cash flow to shareholders this year.
According to The Republic, Columbus-based global power company said it has entered into an accelerated share repurchase agreement with Goldman, Sachs & Co. LLC. Under terms of the agreement, Cummins will repurchase the stock from Goldman, Sachs & Co., with an initial delivery of about 3 million shares based on current market prices.
The final number of shares to be repurchased will be based on Cummins’ volume-weighted average stock price during the term of the transaction, less a discount, the company said.
Read the full article at The Republic.