Engine Joint Venture Planned: Columbus, Ind.-based Cummins Engine Co., Iveco Fiat and New Holland Ltd. have agreed to invest $300 million to make "the next generation" of diesel engines in Europe that will meet global emissions requirements. Each partner will own a third of the venture, to be called European Engine Alliance. The alliance will also develop three-cylinder engines for agriculture, power generation and off-road use. Development will take place in England; no production base or start date was given. It said annual production will exceed 200,000 engines.