Benzinga | Aug 5, 2021 04:31PM EDT

Daimler Truck - Cummins Sign Global Framework Agreement For Medium-Duty Commercial Vehicle Engines

* In February, Daimler Truck AG (OTC:DMLRY) and Cummins Inc. (NYSE:CMI) entered into a global strategic partnership for medium-duty engines. The details have been established, and both companies have signed the framework agreement.

* Under the strategic partnership, Cummins will invest in further developing the medium-duty engine platform and its global production and delivery. Daimler Truck AG will no longer invest its funds to develop its medium-duty engines further for the Euro VII emissions standard.

* Cummins plans to set up an engine production facility on the Mercedes-Benz plant site in the Mannheim site to produce medium-duty engines that meet Euro VII emissions for Daimler Trucks & Buses starting in the second half of the decade.

* Cummins will supply medium-duty engines for Daimler Trucks & Buses vehicles worldwide in the future.

* Price Action: CMI shares closed lower by 1.21% at $228.27, and DMLRY shares closed lower by 0.71% at $22.26 on Thursday.