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Cummins Inc.’s board approved the repurchase of up to $1 billion in stock to “improve shareholder value,” the company said Tuesday.

Truck tire manufacturers have raised prices up to 12% in recent weeks, citing materials costs, while concern is mounting about future supplies after the sudden rise in new tractor and trailer sales.

The Federal Motor Carrier Safety Administration last week proposed requiring nearly all interstate commercial motor carriers to install electronic data recorders to monitor their drivers’ hours-of-service compliance.

There were more signs of the trucking industry’s resurgence last week, as a number of publicly-held fleets reported improved earnings, while analysts said trailer and used trucks sales surged during 2010.

Commercial Vehicle Group said Jan. 31 it bought heavy-duty truck seating unit Bostrom Seating from fellow component maker Accuride Corp., for $8.8 million.

Bridgestone Bandag Tire Solutions said it is boosting prices of its Bridgestone and Firestone brand truck and bus radial tires by 12%, effective immediately.

U.S. manufacturing activity rose in January at the fastest pace in almost seven years, the Institute for Supply Management said Tuesday.

Diesel engine maker Cummins Inc. said Tuesday its fourth-quarter profit rose from a year ago as sales jumped 22% and that 2010 was the strongest year in its history.

The Federal Motor Carrier Safety Administration proposed a regulation Monday that would require interstate truck and bus companies to install electronic onboard recorders in vehicles to monitor drivers’ hours of service.