Cummins planning filtration business spin-off
COLUMBUS, Ind. (Inside INdiana Business) — Columbus-based Cummins Inc. (NYSE: CMI) is looking to spin off its filtration business into its own publicly-held company. The manufacturer says it has confidentially filed for a proposed Initial Public Offering for the business with the U.S. Securities and Exchange Commission.
Last summer, Cummins said it was exploring alternatives for its filtration business, including a potential separation of the business into a standalone company.
According to our partners at the Indianapolis Business Journal, Cummins Filtration provides filtration products for trucks, off-highway industrial equipment and power generation systems. The business reported $1.4 billion in revenue in 2021, up 17% from the previous year.
Cummins says the number of shares to be offered and the price range for the IPO have not been determined.
“The IPO is expected to commence after the completion of the SEC review process, subject to market and other conditions,” the company said in a news release Thursday.
Inside INdiana Business reached out to Cummins for more information but has not received a response.