AIMC - Altra Industrial enters agreement to divest Jacobs Vehicle Systems to Cummins

Altra Industrial Motion (NASDAQ:AIMC) has entered into an agreement to sell its Jacobs Vehicle Systems business to Cummins Inc. for $325M. The business generated ~$193M in revenue in 2021. The agreement brings the addition of new technologies to provide growth opportunities for Cummins’ current and future advanced diesel engine platforms.   The addition of JVS also secures critical USMCA qualified engine components for current and aftermarket products and expands on Cummins Turbo Technologies’ success with customers globally. JVS has two primary manufacturing facilities in Bloomfield, CT USA and Suzhou, China, and Cummins expects to invest additional capacity and resources into their operations. Operations from the acquisition will report into Cummins Turbo Technologies, a business unit led by Shon Wright, Vice President of Cummins Turbo Technologies, that resides within the company’s Components segment. The transaction is subject to customary closing conditions and is expected to close by the end of the calendar year.

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Altra Industrial enters agreement to divest Jacobs Vehicle Systems to Cummins