Cummins files for IPO for filtration business spinoff
Columbus-based Cummins Inc. (NYSE: CMI) has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering for its filtration business, Atmus Filtration Technologies. The manufacturer announced last April it planned to spin off the business into a standalone, publicly-held company.
Based in Nashville, Tenn., Atmus intends to have its common stock listed on the New York Stock Exchange under the symbol ATMU. However, the number of shares to be offered and the price range for the offering have not yet been determined, Cummins said Tuesday.
Atmus was originally founded in 1958 as the Seymour Filtration Co., based in Seymour, Ind., with a single filter production line to support Cummins diesel engines.
The company changed its name to Fleetguard in 1963, then to Cummins Filtration in 2006, though its filtration products retained the Fleetguard brand name.
Last November, Cummins announced the standalone company would be known as Atmus Filtration Technologies, deriving the name from “atmosphere,” which “reflects its purpose of creating a better future by protecting what is important.”
Atmus manufactures a variety of filtration products designed to lower emissions and provide asset protection for vehicle components. The company also makes products used in N95 respirators and face masks.
According to a prospectus filed with the SEC, Atmus ended 2022 with nearly $1.6 billion in net sales and $170 million in net income. Approximately 84% of the company’s sales were from the aftermarket sector, with the remaining sales coming from original equipment manufacturers, including Cummins, Daimler, Deere and Volvo.
Atmus, which opened a new corporate headquarters in Nashville in 2016, employs 4,250 people across its global footprint, which includes 12 distribution centers and nine manufacturing facilities across six continents.
When the spinoff is complete, Steph Disher will lead Atmus Filtration Technologies as CEO. Disher joined Cummins in 2013 and most recently served as vice president of Cummins Filtration.
The standalone company’s executive team will also include Chief Financial Officer Jack Kienzler, Chief Human Resources Officer Mark Osowick, Chief Legal Officer Toni Hickey and Vice President of Engine Products Charles Masters.
Cummins said the IPO is expected to begin after the completion of the SEC review process, but a specific time frame was not provided.
A spokesperson for Cummins declined to provide additional information to Inside INdiana Business.