Cummins Sets $1 Billion Stock Repurchase

Cummins Inc. said it will repurchase up to $1 billion in shares of its common stock.

The new repurchase program was approved as the company completes a previous $1 billion program that was approved in February 2011, Cummins said.

The new repurchase program follows a 25% increase in the announced dividend in July, the engine maker said.