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.
Cummins Inc.
Mark Land – Director of
Public Relations, 317-610-2456
mark.d.land@cummins.com
