COLUMBUS, Ind.–(Business deduces Onerepublic Wire)–Cummins Inc. onerepublic apologize diagnoses (NYSE: CMI) announced today that it will reduce its permanentprofessional workforce worldwide by at least 800 employees by the end ofFebruary and freeze salaries for the year Onerepublic tickets – onerepublic . As part of the latest reductions, the Company will offer a second voluntaryretirement package to certain active professional employees in the UnitedStates. The remainder of the reductions will result from involuntaryterminations from Cummins` operations around the world. The Company also will reduce the salaries of its officers by 10 percent for2009. In addition, Cummins will continue to monitor production volumes atindividual manufacturing plants and take whatever actions are necessary asdictated by customer demand for its products.
This is Cummins` second round of reductions in response to the worsening globaleconomic crisis and its impact on the Company`s markets and sales onerepublic download . In additionto job reductions, Cummins aggressively cut costs, reduced spending in all areasand initiated temporary plant shutdowns, shortened work weeks and extendedtraditional holiday closing periods during the fourth quarter of 2008 onerepublic stop and stare . Combined with its previous actions taken in December, the Company will havereduced its professional workforce by more than 1,400 people or 10 percent onerepublic dreaming out loud . Inaddition, Cummins will have reduced its hourly workforce by more than 600 andcut approximately 2,500 contingent workers apologize onerepublic .
“It is unfortunate that after five straight years of record performance andgreatly improved business fundamentals we are being forced to take thesedifficult actions,” said Tim Solso, Cummins Chairman and Chief ExecutiveOfficer . “While these steps are very painful, they are necessary to keep Cumminscompetitive through this global recession so we can emerge a stronger companywhen the economy and our markets recover one republic Onerepublic concert tickets – wikipedia . “It is our expectation that these workforce reductions will align our coststructure with our projected business levels, and allow us to meet customerrequirements and preserve our ability to invest for the future,” Solso said onerepublic youtube . About CumminsCummins Inc., a global power leader, is a corporation of complementary businessunits that design, manufacture, distribute and service engines and relatedtechnologies, including fuel systems, controls, air handling, filtration,emission solutions and electrical power generation systems . Headquartered inColumbus, Indiana, (USA) Cummins serves customers in approximately 190 countriesand territories through a network of more than 500 company-owned and independentdistributor locations and approximately 5,200 dealer locations. Cummins reportednet income of $739 million on sales of $13.05 billion in 2007 Onerepublic tickets . Press releasescan be found on the Web at Forward-looking disclosure statementInformation provided in this release that is not purely historical areforward-looking statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995, including statements regarding the company`sexpectations, hopes, beliefs and intentions on strategies regarding the future Onerepublic – onerepublic .It is important to note that the company`s actual future results could differmaterially from those projected in such forward-looking statements because of anumber of factors, including, but not limited to, general economic, business andfinancing conditions, labor relations, governmental action, competitor pricingactivity, expense volatility and other risks detailed from time to time inCummins Securities and Exchange Commission filings.
Homebuilders, contractors, commercial properties, suppliers and others in the realestate related segments of the portfolio continue to be stressed as thiscredit cycle plays out.Allowance for Loan and Lease LossesThe Company has provided $6.5 million in build up provisions for loan andlease losses compared to $3.3 million a year ago. “SXSW has come to be known as a trendsetting conference,not just for music and film, but for technology as well. This much larger facility alsobenefits our employees as well as they now enjoy a larger space to work andcollaborate.” “This long term commitment to the future reflects the dedication of UtilityTrailer Sales of the Ozarks to not only serve their customers today, but toinvest in their customers for the long haul Onerepublic Onerepublic concert tickets . For more information, visit FilmsTodd Havens, 323-272-3591Todd retrofitfilms Copyright Business Wire 2009.
