Cummins buys Holset
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• Cummins Engine Company Inc is to buy Holset Engineering, of Huddersfield, from Hanson Trust for film cash. Holset, manufacturer of turbochargers and other components for diesel and petrol engines, had sales of £8.1m and pre-tax profit of £1,041,000 in the year ended March 31 1973. Net assets at that date were £4.4m. Sales in 1973-74 are expected to exceed £10.3m.
Cummins plans to combine its own I
turbocharger plant in the S with Holset to form a new company. Ho set International Ltd. The new company will be a UK corporation, based in Huddersfield.
Mr Paul Croset, presently chairman of Holset and a director of Hanson, will serve as chairman and chief executive of the new company.
Holset claims to supply turbochargers for six per cent of Britain's diesel engines.