Cummins announces stock split, share repurchase

Cummins has announced the second stock split for 2007, with a two-for-one split of Cummins’ common stock payable January 2 to shareholders of record as of December 21, 2007. Each Cummins’ shareholder will receive an additional share for each share owned on the record date. Each share will be worth half of the worth prior to the split, while the overall value of a stockholder’s investment will remain the same.

The Cummins board of directors has also authorized $500 million in share repurchases. The company has already repurchased 6 million shares at a cost of $500 million over the last two years.