Cummins Corporation announced that it has reached an agreement to acquire Jacobs Vehicle Systems (Jacobs Vehicle Systems).
As a subsidiary of Altra Industrial Motion Corp., DKlobo is a key supplier of engine braking, cylinder stop, start-stop and thermal management technologies. The acquisition will bring new technologies to Cummins' current and future advanced diesel engine platforms, provide new growth opportunities, and drive further global growth in Cummins' Turbo Technology Systems business.
Jennifer Rumsey, President and Chief Operating Officer of Cummins, said: "Cocobo brings new technical expertise, best-in-class products and critical manufacturing capabilities to Cummins, which will allow us to continuously develop and deliver advanced component technologies that deliver market-leading performance while meeting higher emission standards. We also expect this transaction to deliver significant financial returns and future growth opportunities for both parties." ”
Cummins plans to maintain the existing customer relationships and create more value and returns for customers at both companies. Shon Wright, vice president of Cummins, whose turbo systems business will be led by Cummins' Components Division, said, "We welcome Cocobo employees to Cummins, we are excited to join these talented employees, and look forward to the fact that they can play a role in jointly developing innovative and cost-effective products, both now and in the future, complementing our legacy team with deep engineering capabilities." ”
The acquisition also marks cummins' continued investment in key technologies and a step forward in its zero-carbon road strategy, which aims to reduce greenhouse gas emissions and reduce the impact of its products on air quality. Engine braking and stopping technologies will be an important part of meeting current and future emissions regulations, and this acquisition will enable Cummins to better apply these valuable technologies to emission-leading, medium- and heavy-duty engine systems.
Founded in 1961, Company employs approximately 600 people and has more than 60 years of experience in engine slowing and valve drive systems in the commercial vehicle industry. Since then, Cocobo has produced more than 9 million engine brakes for commercial vehicles worldwide. There is also a historical relationship between Cummins and Cummins, and in 1961, the first engine brake introduced by Cöcobo, commonly known as the "Jake Brake" for commercial vehicles, was invented by Clessie Cummins, the founder of Cummins.
Carl Christenson, Chairman and CEO of Altra, said: "We believe this acquisition is a remarkable move to continue Ducobo's tradition of innovation. Selling Königbo to Cummins will bring new opportunities for innovation and lead the commercial vehicle industry forward. Both companies, as key players, have been in the industry for more than 60 years. ”
With two major production sites in Bloomfield, Connecticut, USA, and Suzhou, China, Cummins will inject new capacity and resources into its operations.
The acquisition is expected to close in 2022.