Atmus Filtration Technologies, the filtration unit being spun out of Cummins, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal that we could believe could raise up to $350 million.
Formed as a spinoff of engine manufacturer Cummins (NYSE: CMI), Atmus Filtration Technologies makes products for on-highway commercial vehicles and off-highway agriculture, construction, mining, and power generation vehicles and equipment. The company is responsible for designing and manufacturing advanced filtration products, principally under the Fleetguard brand, that enable lower emissions and provide asset protection by extending service intervals, reducing maintenance costs, and increasing uptime. Its products include fuel filters, lube filters, air filters, crankcase ventilation, hydraulic filters, and coolants and other chemicals.
The Nashville, TN-based company was founded in 1958 and booked $1.6 billion in revenue for the 12 months ended December 31, 2022. It plans to list on the NYSE under the symbol ATMU. Goldman Sachs, J.P. Morgan, Baird, BofA Securities, and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
