Cummins to Acquire 50 Percent of Momentum Fuel Technologies From Rush Enterprises
June 29 2021 - 9:15AM
Business Wire
Cummins Inc. (NYSE: CMI) and Rush Enterprises, Inc. (NASDAQ:
RUSHA & RUSHB) today announced that they have signed a Letter
of Intent for Cummins to acquire a 50% equity interest in Momentum
Fuel Technologies from Rush Enterprises.
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The proposed transaction is expected to close later this year,
subject to completion of customary pre-closing activities and
entering into mutually agreeable transaction documentation. The
joint venture between Rush Enterprises and Cummins will produce
Cummins-branded natural gas fuel delivery systems for the
commercial vehicle market in North America, combining the strengths
of Momentum Fuel Technologies’ compressed natural gas (CNG) fuel
delivery systems, Cummins’ powertrain expertise, and the
engineering and support infrastructure of both companies.
“This collaboration shows Cummins’ continued commitment to
natural gas powertrains,” said Srikanth Padmanabhan, President of
the Engine Business at Cummins. “This partnership will improve
customers service for both CNG and RNG through an improved support
network. We are thrilled to expand our network of clean and
reliable power solutions.”
“The immediate environmental benefits of CNG and RNG, combined
with upcoming regulatory requirements, will drive growth in natural
gas vehicles for the foreseeable future,” said W.M. “Rusty” Rush,
Chairman, Chief Executive Officer and President, Rush Enterprises,
Inc. “This partnership will enable Rush Enterprises to continue to
provide unparalleled support to our customers through our mutual,
wide-ranging portfolio of Cummins’ and RushCare aftermarket
solutions and keep trucks up and running across the country.”
The joint venture will offer aftermarket support through Rush
Truck Centers dealerships and Cummins distributors which will be
able to service both the engine and the fuel delivery system. The
partnership between Cummins and Rush Enterprises will benefit
customers by providing them with access to an extensive CNG vehicle
parts and service network; both Cummins’ and Rush Enterprises’
respective networks, which together represent over 250 locations in
the US and Canada, will be equipped with certified technicians and
access to a comprehensive CNG vehicle parts inventory.
About Rush Enterprises, Inc. Rush Enterprises, Inc. is
the premier solutions provider to the commercial vehicle industry.
The Company owns and operates Rush Truck Centers, the largest
network of commercial vehicle dealerships in the United States,
with more than 100 dealership locations in 22 states. These vehicle
centers, strategically located in high traffic areas on or near
major highways throughout the United States, represent truck and
bus manufacturers, including Peterbilt, International, Hino, Isuzu,
Ford, FUSO, IC Bus and Blue Bird. They offer an integrated approach
to meeting customer needs — from sales of new and used vehicles to
aftermarket parts, service and body shop operations plus financing,
insurance, leasing and rental. Rush Enterprises' operations also
provide CNG fuel systems, telematics products and other vehicle
technologies, as well as vehicle up-fitting, chrome accessories and
tires. For more information, please visit us at
www.rushtruckcenters.com, www.rushenterprises.com and
www.rushtruckcentersracing.com, on Twitter @rushtruckcenter and
Facebook.com/rushtruckcenters.
About Momentum Fuel Technologies. Momentum Fuel
Technologies, headquartered in the Dallas-Fort Worth Metroplex, is
the industry’s first complete compressed natural gas (CNG) fuel
system solution for Class 6-8 vehicles. A division of Rush
Enterprises, the company officially launched in 2015 and is a
vertically integrated provider of fuel system solutions, featuring
state-of-the-art engineering, design and manufacturing processes,
complete system installation capabilities and the industry’s most
comprehensive sales, service and support network. For more
information, please visit www.momentumfueltech.com.
About Cummins Inc. Cummins Inc., a global power leader,
is a corporation of complementary business segments that design,
manufacture, distribute and service a broad portfolio of power
solutions. The company’s products range from diesel, natural gas,
electric and hybrid powertrains and powertrain-related components
including filtration, aftertreatment, turbochargers, fuel systems,
controls systems, air handling systems, automated transmissions,
electric power generation systems, batteries, electrified power
systems, hydrogen generation and fuel cell products. Headquartered
in Columbus, Indiana (U.S.), since its founding in 1919, Cummins
employs approximately 57,800 people committed to powering a more
prosperous world through three global corporate responsibility
priorities critical to healthy communities: education, environment
and equality of opportunity. Cummins serves its customers online,
through a network of company-owned and independent distributor
locations, and through thousands of dealer locations worldwide and
earned about $1.8 billion on sales of $19.8 billion in 2020. Learn
more at cummins.com.
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Jon Mills Cummins Inc. 317-658-4540 jon.mills@cummins.com
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