Cummins and Johnson Matthey Expand Efforts in Electrification

Cummins Inc. (NYSE: CMI) today announced the acquisition of Johnson
Matthey’s UK automotive battery systems business, a subsidiary of
Johnson Matthey that specializes in high-voltage automotive grade
battery systems for electric and hybrid vehicles. As part of the
acquisition, Cummins and Johnson Matthey also agreed to collaborate on
the development of high energy battery materials for commercial heavy
duty applications.

The acquisition and collaboration agreement are an important step for
Cummins and Johnson Matthey. The acquisition of the automotive battery
systems business allows Cummins to expand its electrification and energy
storage capabilities in its efforts to be a global leader in electrified
power. Johnson Matthey is able to focus on developing high energy
battery materials, including its class-leading enhanced lithium nickel
oxide (eLNO) product, for transport applications within its overall
technology portfolio.

The parties intend to collaborate on the development of new products
with enhanced performance characteristics for commercial applications
relying on the unique and deep expertise of each company.

“The addition of Johnson Matthey Battery Systems’ technical expertise
and customer base in markets that are more rapidly adopting
electrification further positions us as a global energy storage
supplier,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “By
combining our electrification capabilities, portfolio of diverse power
solutions, and global network, Cummins is uniquely positioned to lead in
electrification. What differentiates us is our ability to help customers
succeed with high quality products across the spectrum of power
solutions they use, whether it’s electric, diesel, natural gas or other
energy solutions.”

“This collaboration with Cummins is an important step for us”, said
Robert MacLeod, Chief Executive, Johnson Matthey. “It will enable us to
grow our position in high energy battery materials, particularly for
heavy duty applications, and apply our chemistry expertise to develop
new products that will give our customers, and ultimately consumers, the
performance they demand from electrically powered vehicles. In divesting
our automotive battery systems business to Cummins we can focus on our
strategy of expanding our eLNO platform and developing commercial
battery materials for the full range of transport applications.”

As one of Europe’s largest lithium-ion battery system suppliers, this
business has 50 employees and is based in Milton Keynes, United Kingdom.

In October 2017, Cummins announced the acquisition of Brammo, which is
known for designing and developing low-voltage battery packs for mobile
and stationary applications. With the addition of Johnson Matthey
Battery Systems high-voltage battery expertise, Cummins now has
capability across the entire range of energy storage options.

The acquisition was signed and closed on January 31. Cummins will
continue to explore other opportunities to add electrification
capabilities as it prepares for delivery of electrified powertrains to
customers in 2019.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary
business units 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.twitter.com/cummins
and on YouTube at www.youtube.com/cumminsinc.

About Johnson Matthey

Johnson Matthey is a global leader in science that enables a cleaner and
healthier world. With over 200 years of sustained commitment to
innovation and technological breakthroughs that improve the function,
performance and safety of our customers’ products. Our science has a
global impact in areas such as low emission transport, pharmaceuticals,
chemical processing and making the most efficient use of the planet’s
natural resources. Today more than 13,000 Johnson Matthey professionals
collaborate with our network of customers and partners to make a real
difference to the world around us. For more information, visit www.matthey.com

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