Cummins plans IPO for Filtration business
By Mike Brezonick21 April 2022
Cummins Inc. has taken the next step in its plan to spin off its Filtration business unit into an independent company. Cummins announced that the Filtration business has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed underwritten initial public offering of newly issued common stock of the business in the United States.
The number of shares to be offered and the price range for the IPO have not yet been determined. The IPO is expected to commence after the completion of the SEC review process, subject to market and other conditions.
In August of 2021, Cummins announced “its exploration of strategic alternatives for its Filtration business unit.” The company believes the separation will create value for both companies by enabling enhanced focus on key strategic initiatives, continued innovation in core and new technologies for Cummins, and greater focus and operating flexibility for the Filtration business.
Cummins Filtration is a global supplier of air, fuel, hydraulic and lube filtration systems as components, as well as chemical technology products for diesel and natural gas-powered equipment.