Cummins Sells Big Stake: Financially strapped Cummins...
From Times Staff and Wire Reports
Cummins Sells Big Stake: Financially strapped Cummins Engine Company announced that it is surrendering 27% of its stock to Ford Motor Co., Tenneco Inc. and Kubota Ltd. of Japan in exchange for an infusion of $250 million. The Columbus, Ind., firm has had persistent cash-flow problems, in spite of spending $1 billion in the 1980s to become more competitive.
