It used to be fashionable for economic pundits to wring their hands about the inexorable decline of America’s manufacturing base. However, a new breed of “old line” industrials is turning this dour thesis on its head.

Two U.S.-based companies epitomize America’s industrial reawakening: appliance maker Whirlpool (WHR) and engine/power systems maker Cummins (CMI). These industrials stand out for well-known, brand-name products and superlative management.

Both industrials combine advanced technology with honest-to-goodness, roll-up-your-sleeves manufacturing — and they’re positioned for considerable future growth as the global economic recovery accelerates.

Whirlpool (WHR)

Whirlpool manufactures and markets home appliances worldwide, including laundry machines, refrigerators and freezers, air conditioners, dishwashers and mixers. Every “Big Box” retail store features the company’s ubiquitous brands: Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Roper, Estate, Admiral, Gladiator and many others.

Founded in 1898 and headquartered in Benton Harbor, Michigan, WHR is benefiting from the economic recovery in North America and further leveraging growth by cutting costs, streamlining its supply chain and targeting emerging markets.

That said, WHR stock has recently endured its share of headwinds.

Whirlpool reported second-quarter earnings of $179 million, or $2.25 per diluted share, compared to $198 million, or $2.44 per diluted share, reported for the same period a year ago. Sales in the quarter came in flat on a year-over-year basis at $4.7 billion.

Declining sales in a still-struggling Europe dampened operating performance in the quarter; robust demand in North America helped offset the Continent’s sluggishness.

These second-quarter results disappointed analysts, pushing Whirlpool down to a compelling valuation. WHR stock trades at a trailing 12-month price-to-earnings ratio of only 15.8, compared to a trailing P/E of 17.4 for its industry of appliances. And the looming holiday shopping frenzy combined with quickening recovery in North America should further boost demand for Whirlpool’s big-ticket household items.

Cummins (CMI)

Founded in 1919 and headquartered in Columbus, Ind., Cummins makes, sells and services natural-gas engines and components for a wide variety of vehicles in a host of industries — notably automotive, agricultural, construction, and mining. CMI caters to both the private and public sectors and has established a reputation as a premier maker of compact, efficient engines that still pack plenty of heft.

The company’s product line might lack glamor, but Cummins continually incorporates its products with leading-edge advances. The company is now in the vanguard of a game-changer in engine technology: the switch to natural gas.

The natural gas boom has already transformed the U.S. utility industry, as plentiful and cheap natural gas displaces coal and lowers electricity costs. Now the trucking industry is abandoning diesel in favor of cleaner-burning natural gas.

Cummins has been making an increased push into “greener,” more energy-efficient technology, which will be increasingly in demand as concerns grow over climate change. For instance, CMI has introduced mobile diesel generators for the burgeoning engine rental market that meet stricter U.S. Environmental Protection Agency emissions regulations.

California is a national leader in tighter environmental regulations, and not surprisingly, it’s the state where Cummins has decided to develop a new, cleaner-running engine. In July, Cummins announced that it had forged a partnership with the California Energy Commission to create an engine designed to operate on a fuel mixture of 85% ethanol and 15% gasoline.

With a trailing P/E of only 15.50, compared to 24.3 for its sector of industrial goods, CMI stock is a compelling value and a great play on not only economic recovery but the greening of power systems.

As of this writing, John Persinos did not hold a position in any of the aforementioned securities.