In a move it says is aimed at decreasing debt and strengthening its balance sheet, Cummins announced Sept. 26 it will repay $250 million in high-yield notes that were issued in November 2002. Cummins said it will repay the notes in December using cash generated from its operations.
The company also announced it will begin repurchasing shares of common stock with the goal of buying back $100 million worth of stock in two years.
