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Cummins Inc., supplier of diesel engines and Onan generators to the RV industry, anticipates “the business environment in 2002 will not be significantly better than last year.”
That outlook was presented by Cummins Chairman and CEO Tim Solso during the company’s recent annual shareholders meeting.
And 2001 was “the most difficult and demanding year for Cummins that I can remember,” Solso said. “Virtually all of Cummins markets have been in recession for the past 20 months.”
During 2001, Cummins’ sales revenue totaled $5.7 billion, about $1 billion less that its sales in 2000. It also reported a net loss of $102 million, including a $125 million restructuring charge, although the company was profitable during three of the four quarters of 2001.
Despite his belief that the economic recovery will be slow-paced, Solso believes Cummins has “exciting opportunities” in power generation, light duty automotive and high-horsepower engines.