Cummins is moving forward with plans to split off its filtration business.
The company announced yesterday that its Filtration business has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission for a proposed underwritten initial public offering of newly issued common stock. 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.
Cummins announced last summer that it was exploring options for its filtration business, including breaking it off into a separate company. Cummins Filtration was founded in 1958 and the company says splitting it off as a standalone company could allow accelerated growth as the business diversifies into new products and markets. The business had sales of about $1.2 billion in 2020.