Pat Ward, Vice President and CFO, Cummins., Inc.
October 9, 2009
Pat Ward, vice president and chief financial officer of Cummins Inc., spoke on Oct. 9, 2009, in the Jordan Auditorium at the Mendoza College of Business.
Insight: “Free trade is in the best interests of American companies and employees”
- There is a resurgence of protectionist rhetoric in the United States such as “Buy American.” However, history shows that civilizations prosper under free trade while protectionist policies open the door to retaliation and sometimes war.
- Free trade increases growth, living standards and prosperity. According to the World Bank, over the last 25 years, some 500 million people have been lifted out of poverty largely due to free trade.
- Cummins has built manufacturing facilities in China and India to have access to these very large markets, not to make products there at a low cost and ship them back to the United States. Some 35 to 40 percent of the company’s total sales are outside the United States.
- International trade is a terrific opportunity if we embrace it. If we don’t, those opportunities will be taken by those hungrier than we are.
Pat Ward is vice president and chief financial officer of Cummins Inc., a maker of diesel engines based in Columbus, Ind. He earned an MBA from Strathclyde Graduate Business School in Scotland. He joined Cummins in 1987 as a member of the finance team for Cummins Generator Technologies. In 2000 he was named controller for Cummins Filtration. He was named a Cummins vice president in 2006. He holds dual citizenship in the United Kingdom and the United States.