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.
COLUMBUS, Ind. — Cummins Inc. has taken a step forward in its plans to separate its filtration business into a standalone company.
The company announced Thursday that its filtration business has confidentially filed paperwork for a proposed initial public offering with the U.S. Securities and Exchange Commission. This is a step that companies take before publicly filing IPO paperwork with regulators.
An IPO is when a company’s stocks are sold publicly for the first time. IPOs are generally underwritten by investment banks that arrange for the shares to be traded on a stock exchange.
Currently, the timing for the filtration business’ IPO is unclear, but the company said in the regulatory filing that it “is expected to commence after the completion of the SEC review process, subject to market and other conditions.”
In August, Cummins announced plans to explore “strategic alternatives” for its filtration business, including potentially spinning it off into a separate company or selling it altogether.
The business, headquartered in Nashville, Tennessee, was founded in 1958 as the Seymour Filter Co., and currently designs, manufactures and sells air, fuel, hydraulic and lube filtration, as well as chemical technology products for diesel and gas-powered equipment around the world, according to its website.
Cummins Filtration employs around 4,000 people worldwide, corporate spokesman Jon Mills said last year.
“The company believes the separation will create value for both companies by enabling enhanced focus on key strategic initiatives, continued innovation in core and new technologies for Cummins and greater focus and operating flexibility for the filtration business,” Cummins said in 2021 annual report. “The method and timing of the separation are under evaluation.”
For the complete story, see Friday’s Republic.
