Cummins To Repurchase $500 Million In Accelerated Share Buyback

By Caitlin HustonMarketWatch Pulse

Cummins Inc. , an engine manufacturer and distributor, will buy back $500 million shares of common stock, the company said Tuesday. Cummins entered into an accelerated buyback agreement with Goldman, Sachs & Co. , with four million shares to be purchased based on the current stock price. The remainder of shares will be based on the company's volume-weighted average stock price. The buyback is expected to be finished in the second quarter of 2016.

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