Cummins Inc. is taking its filtration business on the road to win investors for a $273 million initial public offering. But when all is said and done, its parent will remain the biggest shareholder by far of Atmus Filtration Technologies.

Atmus is offering 14.1 million shares of common stock. Underwriters get a 30-day option to buy 2.1 million additional shares at the IPO price, expected to be $18 to $21 per share.

The Atmus name, announced in February, is derived from the word atmosphere and is intended to signal a clean, sustainable environment. 

2nd rebranding for Cummins unit this year

It is the second rebranding at Cummins this year. In March, the company renamed its New Power division as Accelera by Cummins, making it a stand-alone business embodying the company’s pursuit of hydrogen electrolyzers, fuel cells and other clean technologies.

On-highway, heavy-, medium- and light-duty trucks, off-highway industrial equipment and power generation use filtration products. The Nashville, Tennessee-based unit diverted some production in 2020 for use in N95 masks used during the COVID-19 pandemic.

Filtration business dates to 1958

Atmus is seeking a New York Stock Exchange listing under the symbol ATMU. Upon completion of the IPO, Cummins expects to hold approximately 83% of Atmus’ outstanding shares. That could fall to 80.5% if the demand leads underwriters to exercise their full option.

The spinoff of the $1.2 billion filtration business into a separate company became public as part of Cummins’ second-quarter 2021 earnings report. 

The filtration business dates to 1958. Major markets are North America, India and China. Cummins’ filtration systems serve customers in 150 countries on six continents from truck and bus to agriculture, construction, mining, marine and power generation vehicle and equipment markets.

Cummins filed a confidential Form S-1 registration with the Securities and Exchange Commission in April 2022. It has not yet become effective.

Related articles:

Cummins brands New Power division as future tech-focused Accelera

Confidential registration filed to take Cummins’ filtration unit public

Cummins repurposing engine filtration material to make N95 masks

Click for more FreightWaves articles by Alan Adler.

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