Cummins launches exchange offer for Atmus shares as part of divestment from filtration business
By Bradley Osborne - 26th February 2024
USA – Cummins Inc, an engine and e-powertrain manufacturer based in Columbus, Indiana, has announced that it is offering its outstanding shares in former filtration subsidiary, Atmus Filtration Technologies Inc, in exchange for Cummins common stock, as it moves away from the filtration business to focus on “both core and new technologies”.
Established by Cummins in 1958 in Nashville, Tennessee, Atmus has produced filters for multiple applications, including on-highway trucking. However, in May 2023, Cummins began the process of splitting off its filtration business by listing Atmus on the New York Stock Exchange. In its initial public offering, over 16 million Atmus shares were sold, representing 19.5% of the entity’s common stock. Now, Cummins is offering the remaining 80.5% to its shareholders, who have the option of exchanging Cummins common stock for shares in Atmus (at a 7% discount).
