Cummins Engine to issue 3.75 million common shares to establish employee benefits trust.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)--Jan. 3, 1997-- Repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 3 Million Shares also Authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by Company Shares Repurchased from Ford Motor Company Kenneth Dabrowski Resigns from Board Cummins Engine Co., Inc. today announced that it will issue 3.75 million shares of its common stock to an employee benefits trust for use in meeting the company's future obligations under employee benefit and compensation plans. While the trust shares may be used to fund a number of these plans, the principal use will be in funding contributions to employee retirement savings programs the company revised on January 1, 1997. Formation of the trust and issuance of the shares to the trust will have no effect on the company's earnings per share calculation. Shares of common stock held by the trust will not be used in calculating the company's reported earnings per share until the shares are distributed from the trust and allocated to a benefit plan. The company also announced that it has repurchased 1.3 million shares of its common stock from Ford Motor Company and has authorized the repurchase of an additional 1.7 million shares in the open market. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the terms of the company's 1990 investment agreement with Ford, Kenneth R. Dabrowski, a Ford Vice President who has recently served on the Cummins Board of Directors under the terms of the investment agreement has resigned, effective with the repurchase. Following the repurchase from Ford, the company has approximately 38.2 million shares outstanding. Cummins, headquartered in Columbus, Ind., is a leading worldwide designer and manufacturer of diesel engines and related products. These engines provide power for its key markets: automotive, power generation, industrial and filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids . Cummins' home page on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the can be found at http://www.cummins.com . CONTACT: Cummins Engine Co., Inc., Columbus Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. C. Smith, 812/377-3524 |
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