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United Rentals : Expands Power & HVAC Fleet With Acquisition of Portable Power Assets

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08/24/2017 | 02:57pm CET

STAMFORD, Conn., Aug. 22 -- United Rentals, an equipment rental company, issued the following news release:

United Rentals, Inc. (NYSE: URI) ("United Rentals" or "the company") has acquired power equipment assets, primarily mobile rental generator sets, from Cummins Inc. (NYSE: CMI). The company will start serving the needs of former Cummins rental customers, and has made its newly acquired rental equipment available immediately.

The acquisition involves Cummins mobile rental generator fleet, which ranges from 150 Kilowatts to 2 Megawatts in output. To maintain customer and fleet continuity, a small number of Cummins employees in the U.S. and Canada have joined United Rentals.

Cummins, which is a global leader in power generation products, will continue to manufacture, service and support new power generation equipment for rental markets.

Paul McDonnell, United Rentals senior vice president - sales and specialty operations, said, "We're continuing to realize strong demand for power solutions across North America. This strategic expansion of our fleet ensures greater availability and a larger customer service organization. I want to personally welcome our new employees and customers to United Rentals. I also want to thank Cummins for working closely with our team to accomplish a seamless transition."

"We believe this move will benefit our customers and both companies," said Tony Satterthwaite, Cummins Inc. Distribution Business President. "Customers will have access to United Rentals' extensive rental fleet and Cummins will place a greater degree of focus on delivering the highest quality products and support to our customer base. Cummins wants to continue improving the experience for our customers because we understand that when they succeed, we succeed."

United Rentals Power & HVAC is a leader in providing Power and HVAC products and solutions across North America through 58 strategic locations. The company provides custom and turnkey solutions for commercial, industrial and government customers, with one of the best safety records in the industry.

About United Rentals

United Rentals is the largest equipment rental company in the world. The company has an integrated network of 960 rental locations in 49 states and every Canadian province. The company's approximately 13,700 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 3,300 classes of equipment for rent with a total original cost of $10.3 billion. United Rentals is a member of the Standard & Poor's 500 Index, the Barron's 400 Index and the Russell 3000 Index(R) and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.

About Cummins

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service diesel and natural gas engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins currently employs approximately 55,400 people worldwide and serves customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and approximately 7,400 dealer locations. Cummins earned $1.39 billion on sales of $17.5 billion in 2016. Press releases can be found on the Web at www.cummins.com. Follow Cummins on Twitter at www.twittter.com/cummins and on YouTube at www.youtube.com/cumminsinc.

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Financials ($)
Sales 2018 7 579 M
EBIT 2018 2 048 M
Net income 2018 1 189 M
Debt 2018 8 161 M
Yield 2018 -
P/E ratio 2018 12,50
P/E ratio 2019 11,00
EV / Sales 2018 3,02x
EV / Sales 2019 2,69x
Capitalization 14 706 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 180 $
Spread / Average Target 3,5%
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Michael J. Kneeland Chief Executive Officer & Director
Matthew John Flannery President & Chief Operating Officer
Jenne K. Britell Non-Executive Chairman
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