Grant Will Assist Memphis College's Efforts to Grow and Strengthen
COLUMBUS, Ind.--(BUSINESS WIRE)--Jan. 10, 2007--The Cummins
Foundation today announced that it has approved a $500,000 grant to
LeMoyne-Owen College in Memphis, to be used to assist the school in
its growth and accreditation efforts. The first $100,000 of grant was
distributed in late December 2006 and the remainder will be released
in installments through December 2009.
LeMoyne-Owen is one of 39 Historically Black Colleges and
Universities and was a founding member of the United Negro College
Fund. Cummins has had a longstanding relationship with this small,
four-year college located near Downtown Memphis, through previous
financial support, student internships and mentoring programs.
Cummins employs several LeMoyne-Owen graduates and a number of
Cummins employees attend the college each year. The Company's
Community Involvement team has been active in raising funds for
LeMoyne-Owen for more than a decade.
"Cummins considers LeMoyne-Owen to be a valuable asset to the city
and an institution with a bright future," said Cummins Foundation
President Tracy Souza. "This grant, which extends our long-term
partnership with the college, is consistent with Cummins' core values
of serving and improving the communities in which we operate."
The grant, approved by the Cummins Board of Directors in late
December 2006, was one of the largest gifts provided by the Cummins
Foundation in 2006. The Foundation grant is part of a larger effort by
LeMoyne-Owen to strengthen its financial structure and maintain its
status as an accredited institution through the Southern Association
of Colleges and Schools
"On behalf of the LOC Board of Trustees, I want to thank Cummins
Inc., for believing in the value and mission of LeMoyne-Owen College,"
said Robert Lipscomb, Chairman, LOC Board of Trustees. "As the Board
works to help the College to reinvent and better define its vision for
the future, it is important to have investors such as Cummins to step
forward and demonstrate that they believe in what we are doing. It is
our sincere hope that others will take a courageous step forward, such
as you have done, to help this College to ensure its future. This gift
from the corporate community demonstrates that LeMoyne-Owen College
does matter to Memphis."
"We are overwhelmed by the generosity that Cummins Inc., continues
to demonstrate toward LeMoyne-Owen College and toward the south
Memphis community," said LOC Interim President Johnnie Watson. "The
name Cummins Inc. has become synonymous with giving. Cummins supports
programs that enhance student development and have provided assistance
in identifying corporate internship opportunities for our students.
Cummins' staff continues to roll up its sleeves and participate in
events, programs and activities to help improve and invest in this
College and in the south Memphis community -- and, the company never
fails to offer financial support where it is needed. We are
tremendously grateful to Cummins, which has set the example for what
corporate giving and community support are all about."
Cummins is responsible for more than 1,300 jobs in Memphis,
including those associated with the logistics firm that operates the
Company's Memphis Distribution Center, which is Cummins' largest
distribution facility. Cummins also has an engine remanufacturing
facility and a large parts distribution and service center in Memphis.
Cummins Inc. (NYSE:CMI), a global power leader, is a corporation
of complementary business units that design, manufacture, distribute
and service engines and related technologies, including fuel systems,
controls, air handling, filtration, emission solutions and electrical
power generation systems. Headquartered in Columbus, Indiana, (USA)
Cummins serves customers in more than 160 countries through its
network of 550 Company-owned and independent distributor facilities
and more than 5,000 dealer locations. Cummins reported net income of
$550 million on sales of $9.9 billion in 2005. Press releases can be
found on the Web at www.cummins.com.
Information provided in this release that is not purely historical
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding the company's expectations, hopes, beliefs and intentions on
strategies regarding the future. It is important to note that the
company's actual future results could differ materially from those
projected in such forward-looking statements because of a number of
factors, including, but not limited to, general economic, business and
financing conditions, labor relations, governmental action, competitor
pricing activity, expense volatility and other risks detailed from
time to time in Cummins Securities and Exchange Commission filings.
CONTACT: Cummins Inc.
Mark Land, Director of Public Relations, 317-610-2456
SOURCE: Cummins Inc.