Tim Solso, chief executive officer for Cummins Inc., told shareholders this week he is optimistic about the future of the engine maker and the trucking industry.
He said he believes the economic downturn that began three years ago bottomed out in the first quarter of this year for manufacturers like Cummins, which depends on demand from the trucking and construction industries.
"I have never been more optimistic and bullish about this company than I am today," Solso told shareholders in Columbus, Ind.
He said the company lowered its cost structure, positioning Cummins for a market recovery. Among the cost-cutting measures were a reduction of its work force by 17% from the second quarter of 2000 to this year's first quarter, and the closure or consolidation of 14 plants.
The company posted a net loss of $103 million in 2001 but made an $82 million profit last year, according to the Associated Press.
Cummins sells diesel engines, electrical power generators, fuel systems and emissions controls. More than half of Cummins' revenue comes from sales in 130 foreign countries and territories.
He said he believes the economic downturn that began three years ago bottomed out in the first quarter of this year for manufacturers like Cummins, which depends on demand from the trucking and construction industries.
"I have never been more optimistic and bullish about this company than I am today," Solso told shareholders in Columbus, Ind.
He said the company lowered its cost structure, positioning Cummins for a market recovery. Among the cost-cutting measures were a reduction of its work force by 17% from the second quarter of 2000 to this year's first quarter, and the closure or consolidation of 14 plants.
The company posted a net loss of $103 million in 2001 but made an $82 million profit last year, according to the Associated Press.
Cummins sells diesel engines, electrical power generators, fuel systems and emissions controls. More than half of Cummins' revenue comes from sales in 130 foreign countries and territories.
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