First graph, second sentence of release should read: Cummins will provide $25 million of the standby commitment. (sted Cummins will provide $25 million of the standby commitment through the purchase of IFC stock.)
The corrected release reads:
CUMMINS ANNOUNCES STANDBY COMMITMENT TO PURCHASE $25 MILLION IN STOCK TO SUPPORT IRWIN FINANCIAL RESTRUCTURING PLAN
Cummins Inc. (NYSE: CMI) today said it has agreed to provide a standby commitment in support of the previously announced restructuring plan by Irwin Financial Corporation (NYSE: IFC). Cummins will provide $25 million of the standby commitment. The rest will come from individual investors.
Both Cummins and Irwin Financial are headquartered in Columbus, Indiana.
“IFC is the largest financial institution in our home community and the second largest in our home state. Given all of the chaos in the financial markets, Cummins wants to help ensure that IFC's restructuring plan works,” said Tim Solso, Cummins Chairman and CEO. “This standby commitment expresses Cummins' confidence in IFC and IFC's management.
“Second, given the attractive stock price and the bank's long history of strong financial performance, we believe this is a good investment for Cummins,” Solso added.
If Cummins purchases the IFC shares, William I. Miller, Chairman of IFC, will resign from the Cummins Board, which he joined in February 1989.
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins serves customers in approximately 190 countries and territories through a network of more than 500 company-owned and independent distributor locations and approximately 5,200 dealer locations. Cummins reported net income of $739 million on sales of $13.05 billion in 2007. Press releases can be found on the Web at www.cummins.com.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the company’s actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Cummins Securities and Exchange Commission filings.
Contacts:
Mark Land – Director of
Public Relations, 317-610-2456
mark.d.land@cummins.com
