Cummins Approves $1 Billion Stock Buyback

Cummins Inc.’s board approved the repurchase of up to $1 billion in stock to “improve shareholder value,” the company said Tuesday.

The diesel engine maker said the move was approved in anticipation that it will soon complete a $500 million share repurchase plan approved in December 2007.

The company has about 196.4 million shares outstanding, the Associated Press reported.