Cummins Engine to improve its cost structure; one-time charge to be taken in the fourth quarter.COLUMBUS, Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--Oct. 30, 1995--Cummins Engine Co. Inc. today announced that it will take cost-reduction actions in the fourth quarter to improve its long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. operating performance and respond to declining North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. heavy-duty truck engine demand. The company is evaluating the consolidation and disposal of certain assets and plans to reduce its worldwide work force by approximately 2,000. Cummins said it expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a one-time charge in the fourth quarter and that the amount of this charge will depend upon the specific decisions made by the company. Through these actions, we intend to reduce our costs substantially and position ourselves for increased growth and profitability in the future, said Cummins Chairman and Chief Executive Officer Jim Henderson
CONTACT: Cummins Engine Co., Columbus Ann C. Smith, 812/377-3524 |
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