The acquisition builds upon a long partnership between the two companies and will further enhance CNH Industrial’s position in the global agriculture equipment market by adding strong innovation capabilities in autonomous and precision agriculture technology.
As work proceeds apace to deliver the previously announced spin-off of its On-Highway business, CNH Industrial N.V. has named Gerrit Marx as the designated Chief Executive Officer of the new entity, which is expected to assume independent operations in early 2022.
In CNH Industrial's first quarter earnings call on May 5, CEO Scott Wine addressed the company's reported discussions with Chinese automotive manufacturer FAW concerning its Iveco truck business. The discussions were first reported in early March 2021, when it was reported CNH Industrial was considering "alternatives to a planned spin-off and separate listing of its truck and bus business and that it was in talks with FAW over the future of Iveco."
CNH Industrial reported first quarter consolidated revenues of $7.5 billion (up 37% compared to the first quarter 2020), net income of $425 million and adjusted EBIT of Industrial Activities of $545 million (up $693 million).
According to a report from Reuters, CNH Industrial will include its defense and special vehicle business segments in the On-Highway portion of its planned business spin-off, contrary to its original plan.
CNH Industrial has announced that it has appointed Parag Garg as Chief Digital Officer and Marc Kermisch as Chief Information Officer for Off-Highway business. This follows the appointment of Kevin Barr as Chief Human Resources Officer on March 19, 2021.
Each monthly issue of Ag Equipment Intelligence is like getting one-on-one personal advice from the world's most trusted ag equipment industry experts. Advice that hasn't been watered down or distorted by outside influence, providing the latest and most insightful farm equipment analysis. AEI explores where the ag equipment industry is going — not just where it's been. No filler. No bias. No conflict of interest. You can access the PDF issue archive by clicking here.
In this week's episode we take a look at President Joe Biden's recent executive order that encourages the Federal Trade Commission to make rules related to Right to Repair. In the Technology Corner, Ben Thorpe discusses the results of the 8th Annual Strip-Till Operational Benchmark Study and what precision technology strip-tillers plan to invest in in 2021. Also in this episode: Art's Way's second quarter and first half earnings and Kubota's results in the latest EDA Dealer-Manufacturer Relations report.