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Indiana-headquartered engine maker Cummins offers retirement and separation packages

Cummins offering retirement and separation packages

COLUMBUS, Ind. (WISH) — Cummins will offer voluntary retirement and separation packages to some salaries employees, the Columbus, Indiana-headquartered engine designer and builder announced Thursday.

The announcement came as part of the company’s third-quarter earnings report. Chari and Chief Executive Officer Jennifer Rumsey says the company is anticipating a slowdown in 2024, and further actions beyond the retirement and separation packages could happen.

“In view of the lower forecasted revenues, we have initiated actions to reduce costs in our business, particularly in selling and administrative costs,” Rumsey said during the quarterly report. “In order to lower costs as we move into next year, we are offering voluntary retirement and a voluntary separation program in select regions and parts of our business to eligible exempt employees.  We will continue to monitor our markets closely and assess the need for further action while continuing to invest for our future.”

Cummins did not provide a specific number of employees who would be offered the retirement and separation packages.

Cummins employs 73,600 people worldwide, with about 10,000 in Indiana.

In the report, Cummins reported its third-quarter earnings of $8.4 billion were 15% higher than the same quarter a year earlier. Cummins’ stock on the New York Stock Exchange ended the day down slightly, at $217.94 a share.