Cummins Signs Memorandum of Understanding to Form Diesel Engine Joint Venture in Vietnam.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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. ) today announced that it has signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Vietnam Motors Industry Corp. (Vinamotor) to create a 50-50 joint venture to produce on-highway diesel engines in Vietnam. The Memorandum of Understanding (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) was reached Sept. 21 in Hanoi by Cummins Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Tim Solso and Nguyen Van Khoa, Chairman of Vinamotor. The agreement was commemorated today at a signing ceremony in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. in the presence of Prime Minister Nguyen Tan Dung of the Socialist Republic of Vietnam. Chairman Nguyen represented Vinamotor and Steve Chapman, Group Vice President - Emerging Markets and Businesses represented Cummins. Vinamotor, a government-owned company, is the largest commercial vehicle producer in Vietnam, which currently has no local engine production. The MOU outlines the parameters of the joint venture, which is contingent on the satisfactory results of a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. , which Cummins expects to be completed in January 2008. Financial terms of the deal have not been set and no timetable for completing the joint venture agreement has been established. Under the terms of the MOU, the joint venture would take a phased approach to producing Cummins-designed engines in Vietnam: Initially, engine kits will be imported for assembly and distribution in Vietnam with local components ultimately being used in production as the supply base in Vietnam develops. "Vietnam is one of the fast-growing economies in Asia, and this deal would position Cummins to capitalize on that growth," said Solso. "Cummins has a history of working well with local partners, as our success in China and India has shown, and we are excited about the prospects of teaming with Vinamotor to bring Cummins' engine technology to Vietnam." 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, (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 $715 million on sales of $11.4 billion in 2006. Press releases can be found on the Web at www.cummins.com. Information provided in this release that is not purely historical are forward-looking statements 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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