COLUMBUS, Ind. — Cummins Inc. has completed a deal to acquire a 50% stake in a division of dealership giant Rush Enterprises Inc., creating a joint venture between the two companies to produce natural gas delivery systems for commercial vehicles in North America.
On Tuesday, Cummins, which is headquartered in Columbus and employs about 8,000 people in the area, announced that it had closed on a deal to acquire a 50% equity interest in Momentum Fuel Technologies, which manufactures compressed natural gas fuel systems at a facility in Texas.
The joint venture seeks to enhance production of near-zero emissions natural gas powertrains by manufacturing Cummins-branded natural gas fuel delivery systems for the commercial vehicle market in North America, the two companies said.
Formed in 2015, Momentum Fuel Technologies is a division of Rush Enterprises, which says it owns and operates the largest network of commercial vehicle dealerships in the United States, with 139 locations in 23 states selling a range of truck and bus brands, including Peterbilt, International, Hino, Isuzu, Ford, FUSO, IC Bus and Blue Bird.
The two companies had previously announced Cummins’ intent to acquire a stake in Momentum Fuel Technologies this past June. The terms of the deal were not disclosed Tuesday.
For the complete story, see Wednesday’s Republic.