Cummins, the US auto parts supplier, recently approved plans to buy back $1 billion of common stock.
In December 2007, the Cummins Board approved the purchase of 500 million U.S. stocks. Currently Cummins's $500 million stock repurchase is still in progress.
Tim Solso, Cummins Chairman and CEO, said: "Cummins has always honoured its commitment to rebates to shareholders. The stock repurchase program further proves that we have confidence in Cummins's future."
In 2010, Cummins’s revenue reached US$13.23 billion; EBIT and net profits reached US$1.66 billion and US$1.04 billion respectively, both setting records.
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