Published February 9, 2016 7:41am EST | Updated February 9, 2016 1:05pm EST

Cummins To Repurchase $500 Million In Accelerated Share Buyback

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.