Cummins Adds New Business Unit; International Distributor Business to be Fourth Business Unit.Business Editors COLUMBUS, Ind.--(BUSINESS WIRE)--Feb. 18, 2002 Cummins Inc. (NYSE NYSE See: New York Stock Exchange :CUM) today announced the formation of the International Distributor Business Unit. This is the fourth business unit for Cummins, joining the Power Generation Business, Engine Business, and Filtration Business. The International Distributor Business consists of 17 wholly-owned and 3 joint venture distributors with 111 locations that provide Cummins products and related services to end users in 50 countries. This new business will leverage the Company's global presence and capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the profitable growth opportunities in international retail markets. In 2001, the International Distributor Business reported sales of $562 million dollars. Steve Chapman, Vice President International and General Manager International Distributor Business at Cummins, will lead the new business unit. Mr. Chapman (age 48) joined Cummins in 1985 and has played a major role in the growth of Cummins international sales. Chapman spent 14 years abroad while holding leadership positions with Cummins in South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. and China. Since January of 2000 he has been responsible for Cummins international business. Steve earned a BA in Asian Studies Asian studies is a field in cultural studies that is concerned with the Asian peoples, their cultures and languages. Within the Asian sphere, Asian studies combines aspects of sociology, and cultural anthropology to study cultural phenomena in Asian traditional and industrial and Political Science from St. Olaf College An average of six St. Olaf students are awarded the prestigious Fulbright Scholarship each year. Additionally, the college has produced three Rhodes Scholars since 1977. St. in Minnesota, and a Masters in Public and Private Management from Yale School of Management The Yale School of Management (also known as Yale SOM) is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers M.B.A. and Ph.D. degree programs. . "Given the growing size and profitability of the retail business and service to our company and the significant differences from our product businesses, the time is right to structure this new unit to expand our global presence and support," said Tim Solso, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cummins. "The International Distributor Business has outstanding opportunities for growth in services and broader power solutions. " "The International Distributor Business will provide best-in-class service and support. Combined with products from our other three business units, this will enhance our customers' overall experience with Cummins," said Chapman. "Our distributors are well diversified geographically, and we can now focus our combined energies on profitable growth in innovative end user services, integrated packages and business solutions." A global power leader, Cummins Inc., is a corporation of complementary business units that design, manufacture, distribute, and service electrical power generation systems, engines, and related technologies, including fuel systems, controls, air handling, filtration, and emission solutions. Headquartered in Columbus, Indiana Columbus (IPA: [kəˈlʌm.bəs]) is the county seat of Bartholomew County, Indiana. The population was 39,059 at the 2000 census. The current mayor is Fred Armstrong. (USA), Cummins serves its customers through more than 500 Company-owned and independent distributor locations in 131 countries and territories. With 24,900 employees worldwide, Cummins reported sales of $5.7 billion in 2001. Cummins home page can be found at www.cummins.com. |
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