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Cummins Offers to Buy VW’s Big-Diesel Unit
U.S. diesel maker Cummins Inc. has offered to buy a unit of Volkswagen AG that makes huge diesels for ships and electrical generating stations, sources tell Reuters.
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U.S. diesel maker Cummins Inc. has offered to buy a unit of Volkswagen AG that makes huge diesels for ships and electrical generating stations, sources tell Reuters.
VW has been looking since spring to sell its MAN Energy Solutions business as it strives to focus its operations and raise funds to bankroll its electrification, connectivity and autonomous driving initiatives.
Formerly named MAN Diesel & Turbo, the unit also makes specialty turbochargers for the oil and gas industry. Last year MAN Energy reported operating earnings of €133 million ($149 million) on sales of €3.1 billion ($3.5 billion).
Reuters says VW has not yet appointed financial advisors to formalize a sale, which is expected to generate about €3 billion.
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