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Cummins enters accelerated share repurchase agreement worth $500M

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Cummins enters accelerated share repurchase agreement worth $500M

Cummins Inc. signed an accelerated share repurchase agreement with Goldman Sachs & Co. to buy back Cummins common shares worth $500 million.

Initially, the diesel engines manufacturer will repurchase 3 million shares, based on current market prices. The final number of shares repurchased will be determined by volume-weighted average stock price during the transaction, minus any discounts.