Cummins Inc.
Acquisitions
4
Major Deals Covered
$4.0B
Disclosed Deal Value
Cummins's largest disclosed acquisition here is Meritor, Inc. for $3.7B in 2022. This page covers 4 major deals from 1986 to 2022, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Meritor, Inc. | 2022 | $3.7B | Add axles, brakes, and electric powertrain (e-axle) products so Cummins could supply more of the drivetrain for both diesel and electric commercial vehicles. |
| Jacobs Vehicle Systems | 2022 | $325.0M | Acquire the maker of the Jake Brake engine compression brake and cylinder deactivation technology from Altra Industrial Motion. |
| Hydrogenics Corporation | 2019 | Undisclosed | Gain fuel cell and electrolyzer technology; Air Liquide retained a minority stake. |
| Onan Corporation | 1986 | Undisclosed | Cummins bought into generator maker Onan in 1986 and completed full ownership in 1992 to expand in power generation. |
2022
$3.7B
Add axles, brakes, and electric powertrain (e-axle) products so Cummins could supply more of the drivetrain for both diesel and electric commercial vehicles.
Meritor became part of the Components segment, with e-axle work shared with Accelera.
Completed in August 2022 at an enterprise value of about $3.7B.
2022
$325M
Acquire the maker of the Jake Brake engine compression brake and cylinder deactivation technology from Altra Industrial Motion.
Added engine braking and valvetrain technology to the Components segment.
Completed in 2022 for $325M.
2019
Gain fuel cell and electrolyzer technology; Air Liquide retained a minority stake.
Formed the base of Accelera's hydrogen business.
Cummins stopped new electrolyzer sales after a 2025 strategic review and sold its low-pressure fuel cell business to Alstom in 2026.
1986
Cummins bought into generator maker Onan in 1986 and completed full ownership in 1992 to expand in power generation.
Onan generators, still sold in RV and standby markets, became part of what is now the Power Systems segment.
Integrated into Cummins power generation.
Cummins calls its strategy Destination Zero: keep improving combustion engines while building zero-emission options, and let customers choose. In practice the 2025-2026 priorities have narrowed. It is expanding Power Systems capacity and moving into prime (continuous) power for data centers, launching the HELM fuel-agnostic engine platforms (diesel, natural gas, and hydrogen variants of the X15, X10, and B-series), and growing the X15N natural gas engine. In Accelera, it stopped selling new electrolyzers after a 2025 strategic review and sold its low-pressure fuel cell business to Alstom in 2026, keeping focus on batteries, e-axles, and electrified components.
Cummins makes money by selling engines, components, and power systems to equipment makers, then earning recurring parts and service revenue over the long life of that equipment. It is an independent supplier: truck makers such as PACCAR (Kenworth, Peterbilt), Traton's International, and Stellantis' Ram buy Cummins engines rather than building every engine in-house. Its five segments in FY2025 were Distribution ($12.4B in segment sales; parts, service, and generator sales through company-owned distributors), Engine ($10.9B), Components ($10.1B; aftertreatment, turbochargers, fuel systems, Meritor axles and brakes), Power Systems ($7.5B; generator sets and high-horsepower engines for data centers, mining, rail, and marine), and Accelera ($460M; batteries, e-axles, and other zero-emission products). Segment figures include intersegment sales.
In August 2022, Cummins acquired Meritor, Inc. for $3.7 billion in enterprise value, adding market-leading commercial drivetrain axles, brakes, suspension systems, and electric e-axles to create an integrated, full-powertrain supplier for both combustion and electric commercial vehicles.
In 2022, Cummins acquired Jacobs Vehicle Systems, the inventor of the well-known 'Jake Brake' engine compression braking system, for $325 million, securing critical cylinder deactivation and engine braking technology required for next-generation emissions compliance.
In September 2019, Cummins acquired a controlling stake in Hydrogenics, with Air Liquide keeping a minority share. Hydrogenics became the base of Accelera's fuel cell and electrolyzer business, which Cummins scaled back in 2025-2026 by exiting electrolyzer sales and selling its fuel cell business to Alstom.
In October 2017, Cummins acquired the assets of Brammo Inc., a designer and manufacturer of high-voltage battery packs for electric vehicles, kickstarting Cummins' in-house commercial battery pack and electrification engineering capabilities.
In July 2018, Cummins acquired Efficient Drivetrains, Inc., a Silicon Valley developer of hybrid and fully electric powertrain solutions, accelerating Cummins' ability to deliver turnkey electric drivetrains for commercial school buses and urban trucks.
In 2022, Cummins acquired a 50% equity stake in Momentum Fuel Technologies from Rush Enterprises, enabling Cummins to manufacture compressed natural gas (CNG) and renewable natural gas (RNG) fuel storage and delivery systems for commercial trucks.
Cummins separated Atmus Filtration Technologies through a 2023 IPO and a March 2024 exchange offer, letting Cummins focus on engines, power systems, and powertrain components while Atmus focuses on filtration.
Yes. In 2026 Cummins sold its low-pressure fuel cell business to Alstom and recorded $199M of related charges in Q1 2026. In 2024 it completed the split-off of Atmus Filtration Technologies.
In 2022, Cummins executed a massive $3.7 billion acquisition of Meritor (a giant manufacturer of truck axles and brakes), aggressively attempting to own the entire heavy-duty electric powertrain rather than just the engine.
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