Cummins First Multinational Corporation to Win Prestigious Mexico Export Award; Cummins' Mexican Subsidiary, CUMMSA, Increases Sales By More Than 50% While Doubling Net Profits.Business & Automotive Editors COLUMBUS, Ind.--(BUSINESS WIRE)--Dec. 10, 2001 Cummins, Inc. (NYSE NYSE See: New York Stock Exchange :CUM) today announced that it is the first multinational corporation multinational corporation, business enterprise with manufacturing, sales, or service subsidiaries in one or more foreign countries, also known as a transnational or international corporation. These corporations originated early in the 20th cent. to be awarded Mexico's National Prize for Exports for its Mexican subsidiary, CUMMSA. CUMMSA manufactures new engine components and remanufactured engines. The primary aim of the award is to encourage Mexican-owned companies to engage in global business. Mexican officials praised Cummins Inc. as a model of globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation and described CUMMSA as "a unique multinational operation with a definite Mexican flavor." CUMMSA has increased its sales by more than 50% in the past three years, while more than doubling net profits per employee and net foreign exchange earnings. Steve Knaebel, President and General Manager of CUMMSA accepted the award from Mexican President Vicente Fox during an awards ceremony at the 9th Mexican Trade Congress on November 30, 2001. "I'm delighted to accept this award on behalf of our entire organization. CUMMSA's outstanding achievements are a testament to the passion, tenacity, entrepreneurship en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. , continuous learning, and ethical conduct of our talented employees," said Knaebel. The awards ceremony was attended by former U.S. President George Bush and a number of prominent individuals from Mexican government and industry including; Ernesto Derbez, the Secretary of Economy, Claudio X. Gonzalez, Chairman of the Business Executives Coordinating Council, and Federico Sada, Chairman of the Mexican Council for Foreign Trade and Chairman of Grupo VITRO, one of Mexico's largest conglomerates A Conglomerate is the term used to describe a large corporation that consists of diverse divisions. Conglomerate companies tend to be large multinational corporations with operations in multiple regions of the world. . Cummins, headquartered in Columbus, IN, is the world's largest producer of commercial diesel engines above 50 horsepower horsepower, unit of power in the English system of units. It is equal to 33,000 foot-pounds per minute or 550 foot-pounds per second or approximately 746 watts. . The company provides products and services for customers in markets worldwide for engines, power generation 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 reported sales of $6.6 billion in 2000. Press releases by fax may be requested by calling News on Demand (toll free) at 888-329-2305. Cummins home page on the internet can be found at http://www.cummins.com. |
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