Cummins has announced a plan to repurchase a number of company shares.

Jon Mills, Cummins’ director of external communications, says that the Board of Directors has authorized the company to repurchase up to $1 billion in shares of common stock upon completion of its 2015 $1 billion share repurchase program.

“The latest share repurchase program reinforces our commitment to delivering strong returns to shareholders and reflects our confidence in our performance over the long term,” said Tom Linebarger, Cummins Chairman and Chief Executive Officer. “Cummins is demonstrating that we can produce strong returns for our shareholders, while continuing to invest in the future and helping our customers succeed by providing them innovative power solutions.”