Cummins Reaffirms Its Commitment to Columbus by Signing a Long-Term Lease Extension for Its Corporate Office Building; New Deal Extends Lease on Company Headquarters Through Mid-2019.COLUMBUS, Ind. -- Cummins Inc. (NYSE NYSE See: New York Stock Exchange :CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. ) announced today that it has reached a new lease agreement on its Corporate Office Building, 500 Jackson St., that will keep the Company a central part of downtown Columbus Downtown Columbus is the Central Business District of Columbus, Ohio, United States. The area centers around the intersection of Broad Street and High Street, and is the home of most of the largest buildings in Columbus. for many years to come. The renewal takes effect Aug. 1, 2006. The current lease was scheduled to expire July 31, 2009. The renewal, which runs through July 2019, offers the Company competitive lease rates and allocates funds to allow Cummins to make improvements to the facility. Cummins owns the land on which the 390,000 square foot facility sits, but has leased the building from Newkirk Master Limited Partnership since 1983. Approximately 760 Cummins employees work in the building, which serves as the corporate headquarters for Cummins. "This renewal is one more example of the Company's commitment to the City of Columbus The passenger steamer City of Columbus ran aground on Devil’s Ridge off of Gay Head Cliffs in Martha's Vineyard, Massachusetts in January 1884. She was owned by Boston & Savannah Steamship Co. and was built in 1878. She was an early iron steamer with a tonnage of 2,200. and the downtown revitalization efforts under the 'Vision 2020' initiative," said Cummins President Joe Loughrey. "Cummins is proud of its long history in the city and is looking forward to being an important part of its future." Cummins employs more than 5,400 people in Indiana, most of them in the Columbus area and in nearby Seymour in southern Indiana Southern Indiana, in the United States, is notable because it is culturally distinct from the rest of the state. The area's geography has led to a blend of Northern and Southern culture that is not found in the rest of Indiana. . Cummins is the third-largest private employer in the state and the third-largest company in terms of revenue, with 2005 sales of $9.9 billion. "Cummins has a long, proud history in Indiana and I am delighted that the Company has reaffirmed its commitment to the state in this way," said Indiana Gov. Mitch Daniels Mitchell Elias "Mitch" Daniels, Jr. (born April 7, 1949 in Monongahela, Pennsylvania) is the current Governor of the U.S. state of Indiana. A Republican, he began his four-year term as Indiana's 49th Governor on January 10, 2005. . "Cummins is an important part of Indiana's economy, and its recent growth in Indiana is another sign that the state's economy is headed in the right direction." "Cummins' decision to keep its headquarters in downtown Columbus speaks well of the community's strength," said Columbus Mayor Fred Armstrong Fred Armstrong (October 18, 1947 to present) is the mayor of Columbus, Indiana. . "Cummins has played a significant role in the development and success of Columbus for nearly 90 years, and we're looking forward to continuing that partnership well into the future." About Cummins Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. 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 customers in more than 160 countries through its network of 550 Company-owned and independent distributor facilities and more than 5,000 dealer locations. Cummins reported net income of $550 million on sales of $9.9 billion in 2005. Press releases can be found on the Web at www.cummins.com. Forward-looking disclosure statement Information provided and statements in this release that are not purely historical are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding the company's expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Cummins Securities and Exchange Commission filings. |
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