Stock Groups

Cummins says expects ‘some impact’ in Russia; Deere says to abide by sanctions -Breaking

[ad_1]

© Reuters. The Deere & Co farm equipment plant in Ankeny, Iowa, U.S. October 20, 2021. REUTERS/Scott Morgan

By Bianca Flowers

(Reuters) – Cummins Inc (NYSE:). The U.S. truck manufacturer stated in an email statement that it expects to have “some effect” on Russia’s business and was analyzing and prepping for the current and expected sanctions.

Numerous companies in Russia have suspended operations since Russia invaded Ukraine last Wednesday, prompting strong Western sanctions.

Cummins also has a Moscow office. Cummins partnered with Kamaz Inc., a Russian truck manufacturer, to manufacture engines for its fleet of trucks and buses.

Cummins didn’t respond to our request to comment about its relationship to Kamaz. Kamaz is owned 47% by Rostec, a Russian state conglomerate. It supplies parts for Russian military vehicles.

Cummins stock fell 0.6% during late afternoon trading. This was in keeping with Wall Street’s major indexes, as Wall Street’s investors considered the impact of sanctions on Russia.

The Russian invasion of Ukraine was the most serious attack against a European country since World War Two. Russia refers to its actions against Ukraine as “special operations.”

Other U.S. manufacturers including Deere (NYSE:) & Co and Caterpillar Russia is home to both manufacturing and distribution facilities of (NYSE:). Deere is the largest manufacturer of farm equipment in the world. In 2010, it opened a parts and manufacturing plant close to Moscow. This was Deere’s biggest single investment over more than 100 years in Russia.

Deere declined to give details about how the business would be affected, but it stated via email that “fully adhere” to U.S. as well as international sanctions.

Caterpillar has not responded to my request for comments.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damage arising from the use of this information, including chart data and signals to buy/sell, contained on this site. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]