Cummins Announces Final Results of Exchange Offer and Finalizes Separation of Atmus Filtration Technologies Inc.

Core Points - Cummins Inc. announced the final results of its exchange offer, where shareholders could exchange their shares of Cummins common stock for shares of Atmus Filtration Technologies Inc. common stock [1][2] - The exchange offer expired on March 13, 2024, and was oversubscribed, leading to a pro rata acceptance of shares tendered [2][3] - Cummins accepted 5,574,051 shares of its common stock in exchange for 67,054,719 shares of Atmus common stock [1][2] Summary by Sections Exchange Offer Details - Total shares of Cummins common stock validly tendered: 65,176,180 - Shares tendered subject to proration: 64,081,568 - "Odd-lot" shares tendered not subject to proration: 1,094,612 - Final proration factor applied: 6.99255200% [2][3] Company Statements - Jennifer Rumsey, Chair and CEO of Cummins, expressed satisfaction with the separation, emphasizing value creation for both Cummins and Atmus shareholders [3] - Cummins will focus on innovative power solutions, while Atmus is positioned to advance its filtration technologies and expand into new markets [3] Financial Information - Cummins reported net sales of approximately $34.1 billion for the year ended December 31, 2023 [5]