CNH Completes Hemisphere GNSS acquisition

17 Oct 2023 CW Team

The acquisition, announced on March 30, 2023, was completed for a total consideration of $175 million. This transaction is part of CNH's ongoing efforts to enhance its in-house precision, automation, and autonomy technology, aimed at advancing the industries it serves.

With the addition of Hemisphere GNSS, CNH is now well-positioned to continue "Breaking New Ground" in the agriculture and construction sectors. The acquisition further contributes to CNH's vertical integration strategy, which focuses on delivering cutting-edge core technologies to customers for optimal performance and user experiences.

The expertise and global network of Hemisphere GNSS will play a crucial role in accelerating CNH's strategic plan. This plan involves achieving leadership in automation technology, expediting the delivery of fully autonomous farming cycles, and expanding automation and autonomy across a broad range of agriculture and construction applications.

Marc Kermisch, Chief Digital and Information Officer at CNH expressed his enthusiasm for this pivotal acquisition, stating, "Bringing Hemisphere's talent and resources into CNH reflects the energy and momentum of our investments in tech innovation. From 2024 onwards, we will bring notable value to customers through significant advancements in our journey from automating certain tasks to fully autonomous operation."

CNH remains committed to customer-inspired innovation, aiming to make farming and construction more accessible, productive, and sustainable by providing smart machinery that assists customers in making informed decisions.

The successful completion of this acquisition reinforces CNH's dedication to technological advancements and its ambition to drive innovation in the agriculture and construction industries. This strategic move positions CNH as a leader in technology solutions for these sectors, setting the stage for a more advanced and efficient future.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and other factors that may cause actual results to differ from the statements provided in this press release. These forward-looking statements are based on current views and assumptions and are subject to factors outside CNH Industrial's control. Factors, risks, and uncertainties that could impact the results include economic conditions, production and supply chain disruptions, changes in government policies, international trade issues, and technology challenges, among others. CNH Industrial disclaims any intention or obligation to provide updates or revisions to forward-looking statements based on changes in expectations or circumstances. More information regarding CNH Industrial, including potential factors that could affect financial results, is available in CNH Industrial's reports and filings with regulatory bodies.

CNH Industrial has successfully finalised its acquisition of Hemisphere GNSS, a global leader in satellite navigation technology. This strategic move solidifies CNH's presence as a technology provider in the agriculture and construction industries. The acquisition, announced on March 30, 2023, was completed for a total consideration of $175 million. This transaction is part of CNH's ongoing efforts to enhance its in-house precision, automation, and autonomy technology, aimed at advancing the industries it serves. With the addition of Hemisphere GNSS, CNH is now well-positioned to continue Breaking New Ground in the agriculture and construction sectors. The acquisition further contributes to CNH's vertical integration strategy, which focuses on delivering cutting-edge core technologies to customers for optimal performance and user experiences. The expertise and global network of Hemisphere GNSS will play a crucial role in accelerating CNH's strategic plan. This plan involves achieving leadership in automation technology, expediting the delivery of fully autonomous farming cycles, and expanding automation and autonomy across a broad range of agriculture and construction applications. Marc Kermisch, Chief Digital and Information Officer at CNH expressed his enthusiasm for this pivotal acquisition, stating, Bringing Hemisphere's talent and resources into CNH reflects the energy and momentum of our investments in tech innovation. From 2024 onwards, we will bring notable value to customers through significant advancements in our journey from automating certain tasks to fully autonomous operation. CNH remains committed to customer-inspired innovation, aiming to make farming and construction more accessible, productive, and sustainable by providing smart machinery that assists customers in making informed decisions. The successful completion of this acquisition reinforces CNH's dedication to technological advancements and its ambition to drive innovation in the agriculture and construction industries. This strategic move positions CNH as a leader in technology solutions for these sectors, setting the stage for a more advanced and efficient future. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties, and other factors that may cause actual results to differ from the statements provided in this press release. These forward-looking statements are based on current views and assumptions and are subject to factors outside CNH Industrial's control. Factors, risks, and uncertainties that could impact the results include economic conditions, production and supply chain disruptions, changes in government policies, international trade issues, and technology challenges, among others. CNH Industrial disclaims any intention or obligation to provide updates or revisions to forward-looking statements based on changes in expectations or circumstances. More information regarding CNH Industrial, including potential factors that could affect financial results, is available in CNH Industrial's reports and filings with regulatory bodies.