NASHVILLE – Atmus Filtration Technologies, the new company founded following the separation of the filtration interests of Cummins, has closed an initial IPO of 16,243,070 shares of its common stock at a price to the public of $19.50 per share.
The shares were sold by Cummins through a debt-for-equity exchange. As of the closing of the IPO, Cummins owns approximately 80.5% of the total outstanding shares of Atmus common stock. Cummins has publicly stated its intention to make a tax-free split-off.
Cummins has been designing and manufacturing filter media technology since 1958 and has a broad IP portfolio with over 1,300 worldwide active or pending patents and patent applications and approximately 400 worldwide trademark registrations and applications.
The company’s Feetguard branded filter products, based on the company’s Stratapore meltblown nonwoven media, are sold in over 160 countries and available through thousands of distribution points worldwide. The company is also a major manufacturer of nanofibre nonwoven filters.
Atmus serves customers across truck, bus, agriculture, construction, mining, marine and power generation vehicle and equipment markets, along with comprehensive aftermarket support and solutions. The new business employs approximately 4,250 people globally.