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BEIJING, March 24 /Xinhua-PRNewswire/ -- The United States "Fortune" magazine announced the "World's Most Admired Companies" list on March 17, 2008. Cummins has become the only multinational diesel engine company on the list. Fortune’s “World’s Most Admired Companies†list is a globally renowned corporate reputation indicator. Fortune and its research partner Hay Group select the Fortune 500 and the annual turnover exceeds USD 10 billion. The company, divided into twenty-six industries, is based on community returns and environmental protection, innovation capabilities, personnel management, financial stability, long-term investment value, product and service quality, global competitiveness, management quality, and asset utilization capabilities. Nine key indicators were evaluated and 345 large multinational companies from 25 countries and regions participated in the selection. A total of 208 companies were selected as the 2008 “World’s Most Admired Companies†list.
Founded in 1919, Cummins Inc. is the world's largest independent engine manufacturer. In 2007, Cummins's sales and profits hit new highs and maintained rapid growth for four consecutive years. Global sales, including joint ventures, reached a record high of US$18.7 billion, a 20% increase from 2006.
Under the influence of the new US Federal Environmental Protection Agency's new emission regulations that came into effect in early 2007, the North American heavy-duty truck engine market fell by nearly 50% last year, but Cummins' long-standing strategy of market application and geographical diversification has once again exerted tremendous power - North America Nearly all application markets other than heavy trucks and overseas regional markets maintained rapid growth, effectively countering the adverse effects of the weak North American market, and driving the company’s overall performance to continue to maintain double-digit growth.
Tim Solso, Cummins Chairman and Chief Executive Officer, stated that “In the face of the unfavorable situation in local areas and market fluctuations, Cummins has achieved excellent operating results in 2007, once again demonstrating Cummins as a diversified global power. The strength of leading companies is that the average return on our shareholders' investment over the past five years is as much as 55%."
In 2007, Cummins's overall performance was widely recognized by the industry. The industry's authoritative media, Diesel Progress, selected Cummins Inc. as the “Newsmaker of The Yearâ€, which is also Cummins’ second in five years. Won this award.
In 2007, Cummins’ international business outside the United States accounted for 54% of company sales. Emerging markets represented by China, India, and Russia in particular performed the most. In 2007, Cummins sold more than US$1.7 billion in China, a 50% increase from 2006. China has become Cummins’ largest and fastest growing overseas market.
The history of Cummings and China dates back more than half a century to the 1940s. On March 11, 1941, President Franklin Roosevelt signed the "Lending Act" to provide wartime assistance to 38 countries including China. The “Lending Act†includes military defense patrol boats and military trucks equipped with Cummins engines for military aid in China. As the largest foreign investor in China’s diesel industry, Cummins’ business relationship with China began in 1975. When Mr. Cummings Chairman Irvine Miller visited Beijing for the first time, he became one of the first US entrepreneurs to seek commercial cooperation in China. . In 1979, the normalization of diplomatic relations between China and the United States resumed. At the beginning of China's opening to the outside world, the first Cummins China office was established in Beijing.
In 1981, Cummins began to license the production of engines in China. In 1995, Cummins' first Chinese joint venture engine factory was established. So far, Cummins has a total of 21 institutions in China, including 14 wholly-owned and joint ventures, with more than 5,400 employees, producing engines, generator sets, alternators, filtration systems, turbocharging systems, exhaust systems, and rear Products such as processing and fuel systems have a service network consisting of 12 regional service centers and more than 300 authorized dealers.
Cummins has long established a strategic alliance with China's large-scale auto companies to achieve common development. As the earliest foreign-invested diesel engine company to come to China for local production, Cummins has established four engine joint venture plants with leading companies in China's commercial vehicles, including Dongfeng Motor, Shaanxi Automobile Group and Beiqi Foton, for more than two decades. Cummins 14 Eight of the eight engine families have been produced locally in China.
Cummins was the first foreign-owned diesel engine company to establish an R&D center in China. In August 2006, the engine technology R&D center set up by Cummins in cooperation with Dongfeng Corporation was officially opened in Wuhan, Hubei Province.
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