When you think of Cummins, what comes to mind? Probably trucks and engines, right? Well, not exactly. The name Cummins is actually a nickname that was bestowed upon company founder and president Frank Cummins after he was wrongly accused of swindling investors out of $1 million. Instead of fighting the stigma, Cummins embraced it and made the most of his new identity. Today, Cummins is a household name synonymous with powerful diesel engines. It manufactures engines for a variety of different vehicles including pickups, sedans, coupes, and even yachts. The brand also produces industrial engines under the Duramax and V-10 Twincharger names. So how exactly do you own a Cummins? Let’s take a look at who owns Cummins and what that means for you as an owner or potential purchaser.
Who Owns Cummins?
The company Frank Cummins started in 1909 is now one of the most recognizable names in the diesel engine industry. Although it produces engines under a wide range of different brands today, the name Cummins is actually a nickname that was bestowed upon company founder and president Frank Cummins after he was wrongly accused of swindling investors out of $1 million. Cummins was actually working for another engine manufacturer when the idea for the small, lightweight D-1 diesel engine came to him. After the D-1 was born, Cummins and his company were able to focus on their core business. The name Cummins comes from the Latin word for “to twist.” Given that the brand’s logo is a twisted Diesel engine, you might think that Cummins is some type of engine swindler. Not the case, as Cummins would dispute the notion that his engines are deceptive. Rather, Cummins’s engines are renowned for their strength and durability, qualities that make them ideal for many different applications.
What Does Frank Cummins Think About Cummins?
While we mentioned earlier that Frank Cummins was the one who popularized the name Cummins, we should probably first get something straight. The former CEO and founder of Cummins definitely had some thoughts regarding the brand. In a 2014 interview, Cummins said that he doesn’t think about his company too much. “I actually don’t. I don’t want to become a part of it. I don’t want to own it. I’m trying to get it out of my system.” Cummins goes on to say that he feels “very lucky” to have a job and that he’s “proud of what we’ve done.” What he means by that is that Cummins’s engineers have been working hard to improve the company’s products over the years, and the company has managed to accomplish quite a bit.
Who Owns Duramax?
The other American-based manufacturer that is closely associated with Cummins is Duramax, a division of Sumitomo Corporation. The company was originally started in 1926 as the U.S. arm of a Japanese engine manufacturer. The original name for the engine was the “Nomad”, which means “loner” in Japanese. Back then, the focus of the engine was on small, lightweight engines that could be easily installed in military vehicles. In the 1950s, the name of the engine was changed to “Sukumo,” which means “strong” in Japanese. Diamax is actually now used by Sumitomo Corporation as a brand name for various engine types and power ratings. The engine is still used in a variety of applications, including marine and industrial engines. However, in 1997, the name Duramax became popular due to its use in truck chassis.
What Does Cummins Think About Duramax?
While the company name Duramax is not exactly reassuring, it’s important to note that Cummins and Sumitomo are closely associated with one another. As such, when it comes to the ownership of Duramax, we have a rather clear-cut situation on our hands. Cummins currently owns 40% of the shares in Sumitomo and holds a majority stake in Duramax. Sumitomo owns the rest. The two companies have a long-standing relationship, dating back to the early 1900s when Sumitomo began producing engines under the Duramax name for American customers. It’s important to note that the majority of the shares in Sumitomo are controlled by the Japanese, therefore the decision on who owns Duramax is really up to them. However, in the event that a Japanese shareholder wanted to sell their shares, Sumitomo would have to give the green light by a vote of its shareholders. After that, all that’s left to do is wait and see how things shake out.
Bottom line
The ownership of Cummins is actually very straightforward. The current executives are the ones responsible for leading the company in its present and future direction. What’s more, the seven members of the board of directors are also responsible for making sure that the company’s strategy is working. As the largest manufacturer of diesel engines in the world, Cummins is responsible for creating a lot of jobs and providing a lot of value to customers. The company produces engines that are used in a wide variety of different applications, including power generation, construction, transportation, and even the energy industry. But how exactly do you own a Cummins? Let’s take a look at who owns Cummins and what that means for you as an owner or potential purchaser.