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Cummins has disposed of its one-third interest in European Engine Alliance (EEA), a joint venture formed in 1996 between Cummins, Iveco and part of CNH called New Holland. Fiat's engines and transmissions division will now wholly manage EEA.
Cummins has agreed to acquire CNH's 50% stake in Consolidated Diesel Corp., a joint venture company set up in 1980 by Cummins and part of CNH called Case Corp.
No financial terms were disclosed.
Cummins shares closed at $67.32 on Thursday. CNH shares closed at $30.38. Christie Rizk cr/jw
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