Cummins Inc. has announced that it has executed a new three-year revolving credit agreement with a group of banks led by J.P. Morgan and Citigroup.
The secured agreement provides for borrowings of up to $385 million and replaces the existing revolving credit agreement, which matures in January 2003.
Cummins Inc. is a corporation of complementary business units that design, manufacture, distribute and service electrical power generation systems, engines and related technologies, including fuel systems, controls, air handling, filtration and emissions solutions. Headquartered in Columbus, Ind., Cummins serves its customers through more than 500 company-owned and independent distributor locations in 131 countries and territories. With 24,900 employees worldwide, Cummins reported sales of $5.7 billion in 2001.