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Power management company Eaton Corp. (NYSE: ETN), Dublin, Ireland, and Cummins Inc. (NYSE:CMI) Columbus, IN, have announced an agreement to form a joint venture for automated transmissions for heavy-duty and medium-duty commercial vehicles.
Cummins and Eaton will each own 50 percent of the new joint venture named Eaton Cummins Automated Transmission Technologies. The formation of the joint venture is subject to regulatory approvals and customary closing conditions. The parties expect the transaction to close in the third quarter of 2017. Cummins will consolidate joint venture results as part of its Components business segment.