Cummins and Eaton each hold 50% of the joint venture company. Before the establishment of the joint venture company, relevant government approvals must be completed and the normal settlement conditions must be met. Both parties expect to complete related matters in the third quarter of 2017. Cummins will incorporate the performance of this new joint venture into its component business.
Eaton and Cummins Announce Joint Venture to Provide Automatic Transmission for Heavy-Duty Commercial Vehicles
“Customers are increasingly looking at driveline solutions that combine technology, performance and quality perfectly,†said Craig Arnold, Eaton’s chairman and chief executive officer. “Our joint venture with Cummins will integrate two With the technological advantage and rich experience of the long-established industry leader, coupled with the in-depth knowledge of the industry, we will provide global customers with automatic transmission technology that exceeds expectations.â€
"Our growth strategy includes broadening product arrays and expanding global business operations. Our goal is to become the world's leading supplier of transmission systems." Tom Linebarger, Cummins Chairman and Chief Executive Officer, said, "We and Eton The joint venture company will provide the most advanced automatic transmission technology, develop an integrated transmission system and service network, and give our customers unprecedented support.As we have done in the past 100 years, Cummins will continue to cooperate with us. The experience accumulated in partnerships combines technical expertise to ensure customer success."
The new global joint venture will provide customers with industry-leading transmission technologies and solutions for optimal fuel efficiency, performance, and reliable operations while leveraging Cummins and Eaton’s global service support network. The joint venture company will design, assemble and sell automatic transmissions for the heavy-duty commercial vehicle market and provide corresponding service support. Eaton’s existing Procision® mid-sized automatic transmission and a new generation of heavy-duty automatic transmission will be part of the joint venture business. In addition, the joint venture will also support Eaton’s market and sales of existing heavy-duty transmission products in the North American market.
Eaton Motor Group will retain global manual gearbox business, clutch business, existing mid- and heavy-duty automatic transmission business outside North America, global aftermarket business, light transmission business, agricultural gearbox business, global automotive business and related production lines.
Under the agreement, Cummins will pay Eaton’s 600 million U.S. dollars in cash and then enjoy a 50% stake in the joint venture company.
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