Cummins repurchasing $500 million in shares

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.

Ronnie Wendt

Ronnie Wendt

Ronnie Wendt has been a writer/editor for more than 25 years, working in law enforcement, aviation, supply chain and the RV industry. She's not a stranger to RVs, however. She grew up camping, and still camps as many weekends as she can every year. She is the owner of In Good Company Communications and can be reached at ingoodcompanycommunications@gmail.com.

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