By BORIS LADWIG, The Republic staff writer

Cummins Inc. boasted a record 2007 and could double in size by 2013, the company's CEO said.

The success of 2007 and projected annual sales growth of 12 percent dominated Tuesday's annual shareholders meeting.

"2007 was another great year for Cummins," CEO Tim Solso told about 80 guests at the Columbus Engine Plant, which is being revamped to produce a new light-duty diesel engine for Chrysler and Nissan by the end of the decade.

Cummins produced record sales and profit for the fourth consecutive year in 2007. Sales exceeded $13 billion, up 15 percent from 2006, and profit reached $739 million, up 3 percent.

Solso said last year's success was especially impressive considering that more stringent emissions standards took effect in North America. Usually the company struggles in an emissions-change year, but the performance last year shows that Cummins has become less cyclical and more diversified.

Last year's success also prompted Cummins to raise its annual growth targets to 12 percent in sales and 10 percent in earnings before interest and taxes, Solso said.

That kind of growth will present challenges including how to manage the growth, how to introduce products and how to find and retain the best talent.

"These are all really good challenges to have," Solso said.

Over the next few years, Cummins will take advantage of its technological leadership position as new environmental standards take effect across the globe, the CEO said.

And Cummins' Power Generation group will continue to address the gap between the world's energy demand and supply, which will grow from 13 percent today to 20 percent by 2020. Cummins also plans to invest $2.2 billion over the next five years in research and development, $1 billion more than in the past five years.