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MINNEAPOLIS - Cummins Power Generation said Thursday it would raise prices by 2 percent to 7 percent next year for generator sets used in a variety of industrial settings.
| CMI | 27.94 |  -3.67 |
The company said it was increasing prices of generator sets between 15 kilowatts and 2,700 kilowatts to deal with higher commodity and fuel prices and because of "current industry dynamics."
The company, a unit of Cummins Inc., said the increases for generator sets and transfer switches in North America will take effect Jan. 1.
The company's generator sets are used in factories, office buildings and other settings. The company also makes diesel- and natural gas-powered engines.
Shares of Cummins fell $2.42, or 9 percent, to $24.39 in midday trading. The stock earlier hit a new year low of $24.30. It has ranged from $25.19 to $75.98 over the past year.
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