Cummins' global distribution and service footprint, combined with OEM integration through long-standing supply relationships and consolidated joint ventures, creates high switching costs for fleets and OEMs. Replacing Cummins powertrain components would require replicating parts availability across 13,000 dealer locations and re-engineering vehicle integration, which locks in aftermarket revenue and recurring equity earnings.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s