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Posted: 11:37 AM Jul 4, 2008
Cummins takes $100M damage hit to research center
Indianapolis Flooding from a creek caused more than 100 million dollars in damage last month at Cummins Incorporated's research and development center in Indianapolis.
Reporter: Associated Press |
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Flooding from a creek caused more than 100 million dollars in damage last month at Cummins Incorporated's research and development center in Indianapolis.
The diesel engine maker's research center lost computer and fiber optic equipment in the June 7th flood.
Spokesman Mark Land says it should return to full operations next week due to around-the-clock repair work. He added that insurance will cover all the damages except for a deductible of around $2 million dollars.
The Columbus, Indiana-based company reported in April a first-quarter profit of 190 million dollars, or 97 cents per share, on 3.47 billion dollars in revenue.
The company's shares fell 13 cents to $61.64 yesterday from Wednesday's closing price of $61.77.
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