(COLUMBUS, IN) - Columbus-based Cummins expects significant sales and profit growth in 2011 and beyond as it takes advantage of a number of long-term global economic trends and the recovery of key U.S. markets, Chairman and Chief Executive Officer Tim Solso told shareholders during the company's annual meeting.
The company expects 2011 sales to grow by nearly 30% from $13.2 billion in 2010 to $17 billion and earnings before interest and taxes to be 14% of sales this year, both company records.
Cummins earned a record ebit of $1.7 billion on sales of $13.2 billion in 2010.
The company also will significantly increase its investment in the business this year, expecting to spend as much as $650 million on capital projects to increase capacity and invest in new technologies and products for the future.
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