Cummins announces share repurchase plan
Cummins is announcing plans to buy back $500 million dollars worth of shares from Goldman & Sachs.
The Columbus based diesel engine manufacturer made the announcement this morning, saying that an accelerated share repurchase agreement with the financial company was part of a previously announced plan to repurchase stock and is authorized by the Board of Directors. The company plans to return 75 percent of its operating cash flow to shareholders this year.
The company says that it will initially repurchase 3 million shares based on current market prices and the rest will be determined by the average stock price, minus a discount.