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Cummins Inc. said it will announce at 2 p.m. today in Columbus a new engine, a new global partner and new jobs — although it declined Monday to provide additional details.
The Columbus-based engine maker already is the region’s largest employer, with about 7,500 employees in southern Indiana, most of whom work in Columbus.
Columbus Mayor Kristen Brown said she will attend the announcement, although she declined to provide details, including the event’s location.
Cummins’ recent successes — including a profit of more than $4 billion in the past three calendar years — have allowed the company to pump significant dollars into research, development and capacity of existing and new products.
At the company’s annual meeting in May, Chief Executive Officer Tom Linebarger said the company had invested about $1 billion in capacity in 2012 and a record $700 million in research and development.
Linebarger said Cummins launched new operations from Colombia to Qatar last year and invested in projects ranging from the enormous 95-liter Hedgehog engine in Seymour to new technology that filters the tiniest fuel impurities. Within the last year, Cummins also said it was increasing its footprint in natural gas engines, including the planned 2014 launch of a 15-liter engine for long-haul trucks.
The company’s shares spiked Monday morning to $125.82 but fell quickly below $125 and settled at $123.83, down 0.89 percent from Friday’s close. The Dow and S&P 500 posted losses of 0.47 percent and 0.59 percent. Cummins rival Navistar posted a loss of 0.24 percent, while Caterpillar fell 1.13 percent.
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