Cummins Inc. Makes Major Growth Initiatives in Power Generation; Cummins Newage International and AvK/SEG Announce Strategic Partnership.Business Editors COLUMBUS, Ind.--(BUSINESS WIRE)--May 30, 2001 Cummins Inc. (NYSE NYSE See: New York Stock Exchange :CUM) Power Generation Business announced today that its Newage International division headquartered in Stamford, UK has formed a strategic partnership with AvK/SEG of Germany. The Newage and AvK/SEG combination offers the world's broadest range of industrial alternators from 0.5kvA to 30,000kvA. In addition, this partnership will supply turnkey solutions for power stations, power electronics and controls for wind power generation, uninterruptible power systems Uninterruptible power system A system that provides protection against commercial power failure and variations in voltage and frequency. Uninterruptible power systems (UPS) have a wide variety of applications where unpredictable changes in commercial power , electronic protection devices and controls, and current and voltage transformers. Under the strategic partnership, Newage, a supplier of components to the power generation industry, becomes the largest shareholder of AvK/SEG. The Newage and AvK/SEG partnership is expected to have annual sales of approximately $340 million in 2001, and employ 2700 people worldwide. Newage and AvK/SEG will operate under three business units serving power generation, power quality, and power protection sectors. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. AvK/SEG Chairman Werner Schmitz, the increasing global demand for electrical power is a driving force behind the strategic partnership. "Together our products are applied in many areas of electrical power generation, including diesel and gas power plants, ship and off-shore applications, renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. , power conditioning and even energy distribution," said Schmitz. "We are looking forward to a great future together, built upon complementary strengths and great products. This is the start of an electrifying e·lec·tri·fy tr.v. e·lec·tri·fied, e·lec·tri·fy·ing, e·lec·tri·fies 1. To produce electric charge on or in (a conductor). 2. a. future for our customers and employees." "We are very pleased with this strategic partnership, which is consistent with our continuing diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. to meet ever widening global customer needs," said Jack Edwards Jack Edwards may mean:
Last month, Cummins announced a three-year agreement to distribute Capstone powered microturbine systems through the Cummins Power Generation Business Unit. In April, the company completed a joint venture with Westport Innovations that focuses on the development and sale of high performance natural gas engines for vehicular and stationary engine A steam engine that is permanently placed, in distinction from a portable engine, locomotive, marine engine, etc. A factory engine, in distinction from a blowing, pumping, or other kind of engine which is also permanently placed. See also: Stationary Stationary markets. "These partnerships enable Cummins to meet a broader spectrum of customer needs," said Edwards. "Together, we offer customers an impressive array of products and services, including large generators, electrical power stations, uninterruptible power systems, wind power and small portable generators." Cummins Power Generation is a $1.4 billion global supplier of diesel and natural gas-powered generator sets, power electronics and generator set components from five kilowatt kilowatt: see watt. to multi-megawatt installations. Cummins, headquartered in Columbus, Ind., 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. Cummins reported record sales of $6.6 billion in 2000. Press releases by fax may be requested by calling (toll free) News on Demand at 888-329-2305. Cummins' home page on the Internet can be found at http://www.cummins.com. Certain information included in this press release is forward-looking and involves risks and uncertainties, including general economic and competitive conditions that could significantly affect expected results. |
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