HEFEI, Anhui Province, China--(BUSINESS WIRE)--May 14, 2018--
Cummins Inc. (NYSE: CMI) and Anhui Jianghuai Automobile Co. Ltd. (JAC
Motors) (SH: 600418) announced today that the two parties will form a
50:50 joint-venture after Cummins purchased Navistar’s 50 percent equity
of the JAC-Navistar Diesel Engine Company (JND).
“I am delighted that Cummins is expanding our long-term relationship
with JAC Motors, one of the most respected automotive companies in
China,” said Steve Chapman, Cummins Group Vice President, China and
Russia. “Cummins and JAC share similar values and are both committed to
bringing our customers the right power solutions at the right time to
power their success. By strengthening our relationship, we can focus on
becoming more competitive in our markets by developing and offering
high-quality, clean and fuel-efficient products.”
The new joint venture will continue its operations at the manufacturing
facility in Hefei. Cummins currently supplies light-duty, mid-range and
heavy-duty engines to JAC Motors for its domestic market in China as
well as its global operations. The JV will continue offering customers
leading NS V diesel engines and focus on developing new products that
meet NS VI standards.
“The joint venture partnership between JAC Motors and Cummins is a
natural progression in our successful 20-year relationship and we are
thrilled about the potential of the partnership,” said Xiang Xingchu,
General Manager of JAC Motors. “By integrating our equipment expertise
with Cummins’ world-class technological and powertrain capabilities, we
are confident we have the right formula in place for tremendous success.”
Cummins continues to have a strong and long-term partnership with
“We are proud of the work we’ve accomplished through our partnership
with JAC over the past five years, and we believe this strategy is a win
for all parties,” said Persio Lisboa, COO, Navistar.
The ownership change of the joint venture is subject to regulatory
approval and the operations of the new joint venture are expected to
commence following completion of all approvals.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary
business segments that design, manufacture, distribute and service a
broad portfolio of power solutions. The company’s products range from
diesel and natural gas engines to hybrid and electric platforms, as well
as related technologies, including battery systems, fuel systems,
controls, air handling, filtration, emission solutions and electrical
power generation systems. Headquartered in Columbus, Indiana (U.S.A.),
since its founding in 1919, Cummins currently employs approximately
58,600 people committed to powering a more prosperous world. Cummins
serves customers in about 190 countries and territories through a
network of some 500 company-owned and independent distributor locations
and approximately 7,500 dealer locations. Cummins earned about $1
billion on sales of $20.4 billion in 2017. Press releases can be found
on the Web at www.cummins.com.
Follow Cummins on Twitter at www.twitter.com/cummins
and on YouTube at www.youtube.com/cumminsinc.
About JAC Motors
Officially known as Jianghuai Automobile Group Co., Ltd, JAC Motors was
established in 1964 and has been listed in the Shanghai Stock Exchange
since 2001. Today, JAC Motors is the leading vehicle brand in China,
selling passenger and commercial vehicles to over 100 countries
worldwide. Currently, JAC Motors has over 500 dealerships, 2 overseas
tech centers and 19 assembly plants in over 50 countries worldwide
across Latin America, Europe, Africa, Middle East and Asia.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180514005089/en/
Source: Cummins Inc.
Jon Mills, 317-658-4540