Cummins closes $3.7B deal for Meritor
Summary
The $3.7 billion deal announced in February includes the integration of Meritor’s people, products and capabilities in axle and brake technology into Cummins’ components business. Cummins intends to deliver market-leading decarbonized solutions to global customers by accelerating Meritor’s investment in electrification and integrating development within its New Power business. This will serve to help our customers as supply chains become more diverse.” As part of the acquisition, Challenger Group will continue to operate independently under incoming CEO Jim Peeples. “At a time when our supply chain depends on having more qualified truck drivers, this program will give those who have served in uniform a new and important way to contribute, and benefit, by launching a new career in this vital industry.” The CMVOST grant program has three goals: to expand the number of CDL holders possessing enhanced operator safety training; to provide opportunities for current or former members of the United States Armed Forces (including National Guard members and reservists) and their spouses to enter trucking; and help increase training opportunities for candidates from underserved communities. In fiscal year 2022, FMCSA paved the way for a broader range of institutions to apply for CMVOST grants, as the agency did not require applicants to propose a local matching share of funding.