Governor Mitch Daniels joined executives from Cummins Inc. (NYSE: CMI) today to announce the company's plans to expand its Columbus headquarters, creating at least 350 new jobs by 2012.
Cummins plans to invest $5.25 million to purchase and equip an 83,000 square-foot facility formerly occupied by First Financial Bank located near the company's downtown Columbus campus. The building will house an expanded engineering and design department.
Earlier today, ExactTarget said it would create an additional 500 jobs and invest more than $45 million at its Indianapolis headquarters, bringing the total jobs announced today to 850.
"It's a highly significant day for the Indiana economy. One of our oldest great companies, in a traditional industry, and one of our newest great companies, in a new high tech field, both growing by hundreds of jobs on the same day," said Daniels.
Today's announcement is the latest Indiana expansion for the company. In July, Cummins announced plans to invest $100 million to nearly double the current engineering footprint at the Seymour Engine Plant, adding up to 200 new jobs over the next few years.
The largest independent maker of diesel engines in the world, nearly half of Cummins' sales are generated outside of the United States. Cummins, which currently employs 6,000 workers in Indiana, attributes its latest headquarters expansion to a spike in sales in China and other foreign countries. The Fortune 500 company plans to continue hiring engineers and other professional positions for its Columbus headquarters.
"Our success in our global markets has a direct benefit to Indiana where we are creating the kind of high-paying professional jobs that strengthen our community," said Cummins chairman and chief executive officer Tim Solso. "Simply put, growth in international markets like India, China and Brazil create jobs in Indiana."
Cummins designs, manufactures, sells and services diesel engines and related technology through its network of 550 company-owned and independent distributor facilities and more than 5,000 dealer locations in more than 190 countries and territories.
The Indiana Economic Development Corporation offered Cummins, Inc. up to $5 million in performance-based tax credits based on the company's job creation plans. The IEDC is also working with local educational institutions to provide assistance to training initiatives that will support the growth of Cummins and other regional employers.
"With operations around the world, Cummins' commitment to Columbus has been exemplary since its founding nearly 100 years ago. In addition to providing high-wage positions for thousands of area residents, Cummins contributes generously to our community and we couldn't be happier to support their continued growth in Columbus," said Mayor Fred Armstrong.
Today's news of Cummins' headquarters expansion comes less than three years after the company announced plans to lease an additional 100,000-square-foot office facility in downtown Columbus and hire up to 500 professionals. The company began moving employees into the new office in 2009 and expects the building to be filled in early 2011.
About Cummins, Inc.
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. The Company reported net income attributable to Cummins Inc. of $428 million on sales of $10.8 billion in 2009. Press releases can be found on the Web at www.cummins.com . Follow Cummins on Twitter at http://twitter.com/cummins .
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.
About IEDC
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov .
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