Mike Wolanin | The Republic A banner of J. Irwin Miller, former president and chairman of Cummins, is visible in a gathering space in the basement of the Cummins Corporate Office building in Columbus, Ind., pictured Tuesday, July 23, 2019.
Cummins Inc. has closed on its $325 million acquisition of engine brake manufacturer Jacobs Vehicle Systems, the company said Thursday.
Under the deal, which was announced in February, Cummins plans to maintain Jacobs Vehicle Systems’ existing customer relationships and will incorporate the new acquisition into its components segment.
Founded in 1961, Jacobs Vehicle Systems is a subsidiary of Massachusetts-based Altra Industrial Motion Corp. and is a supplier of braking systems primarily used in heavy-duty truck engines, including the “Jake Brake” diesel engine brake, which was invented by Cummins founder Clessie Cummins, according to filings with the U.S. Securities and Exchange Commission.
Cummins, which is headquartered in Columbus, said it expects the acquisition to provide growth opportunities for its advanced diesel engine platforms, further invest in the United States and will help meet requirements under the United States–Mexico–Canada Agreement, or USMCA, which is free trade agreement between the three countries that replaced NAFTA.
Company officials also characterized the acquisition as “another step forward” in the Cummins’ investment in technologies believed to advance its path to zero emissions, reduce greenhouse gas emissions and lower the air quality impacts of its products.
“Now that this deal has closed, we are excited to welcome JVS’ engineering expertise, best in class products and employees into the Cummins organization,” Jennifer Rumsey, Cummins’ president and chief operating officer, said in a statement on Thursday. “Adding Jacobs’ engine braking and cylinder deactivation technologies creates new growth and technical opportunities to advance our path to zero emissions strategy to achieve net-zero carbon emissions by 2050.”
