Cummins Inc. (NYSE:CMI) announced today that it has reached a new lease agreement on its Corporate Office Building, 500 Jackson St., that will keep the Company a central part of downtown Columbus for many years to come. The renewal takes effect Aug. 1, 2006.
The current lease was scheduled to expire July 31, 2009. The renewal, which runs through July 2019, offers the Company competitive lease rates and allocates funds to allow Cummins to make improvements to the facility.
Cummins owns the land on which the 390,000 square foot facility sits, but has leased the building from Newkirk Master Limited Partnership since 1983. Approximately 760 Cummins employees work in the building, which serves as the corporate headquarters for Cummins.
"This renewal is one more example of the Company's commitment to the City of Columbus and the downtown revitalization efforts under the 'Vision 2020' initiative," said Cummins President Joe Loughrey. "Cummins is proud of its long history in the city and is looking forward to being an important part of its future."
Cummins employs more than 5,400 people in Indiana, most of them in the Columbus area and in nearby Seymour in southern Indiana. Cummins is the third-largest private employer in the state and the third-largest company in terms of revenue, with 2005 sales of $9.9 billion.
"Cummins has a long, proud history in Indiana and I am delighted that the Company has reaffirmed its commitment to the state in this way," said Indiana Gov. Mitch Daniels. "Cummins is an important part of Indiana's economy, and its recent growth in Indiana is another sign that the state's economy is headed in the right direction."
"Cummins' decision to keep its headquarters in downtown Columbus speaks well of the community's strength," said Columbus Mayor Fred Armstrong. "Cummins has played a significant role in the development and success of Columbus for nearly 90 years, and we're looking forward to continuing that partnership well into the future."
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins serves customers in more than 160 countries through its network of 550 Company-owned and independent distributor facilities and more than 5,000 dealer locations. Cummins reported net income of $550 million on sales of $9.9 billion in 2005. Press releases can be found on the Web at www.cummins.com.
Forward-looking disclosure statement
Information provided and statements in this release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Cummins Securities and Exchange Commission filings.