LONDON, Sept. 12, 2016 /PRNewswire/ -- CNH Industrial
(NYSE: CNHI /MI: CNHI) announces an exclusive agreement with
Hyundai Heavy Industries for the production and development of
mini-excavators. This agreement completes CNH Industrial's
investment strategy for its excavator product portfolio
expansion.
The two companies will benefit from synergies in product
development, sourcing, manufacturing, and possible future
powertrain opportunities. CNH Industrial will also have the
opportunity to produce mini-excavator models of up to five tons at
its plants and source OEM models above five tons. The agreement has
a ten year term, with a three year renewal option. It applies
globally, excluding the South Korean market. Once fully realized,
the mini-excavator product offering will include 14 models ranging
from one ton to six tons.
"This relationship brings together the know-how and expertise of
two leading global construction equipment manufacturers, allowing
us to take advantage of synergies in terms of technology selection
and adaptation, component sourcing, and research and development
costs. Our ability to manufacture and source from our
geographically complementary industrial base will allow for scale
advantages in product costs to be realized, while ensuring that
product lead times and logistics costs are minimized for our dealer
network," commented Rich Tobin,
Chief Executive Officer, CNH Industrial.
CNH Industrial N.V. (NYSE:
CNHI /MI: CNHI) is a global leader in the capital goods sector with
established industrial experience, a wide range of products and a
worldwide presence. Each of the individual brands belonging to the
Company is a major international force in its specific industrial
sector: Case IH, New Holland Agriculture and Steyr for tractors and
agricultural machinery; Case and New Holland Construction for earth
moving equipment; Iveco for commercial vehicles; Iveco Bus and
Heuliez Bus for buses and coaches; Iveco Astra for quarry and
construction vehicles; Magirus for firefighting vehicles; Iveco
Defence Vehicles for defence and civil protection; and FPT
Industrial for engines and transmissions. More information
can be found on the corporate website:
www.cnhindustrial.com
Media
contacts:
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Alessia
Domanico
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Laura
Overall
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Corporate
Communications - Global
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Corporate
Communications Manager
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CNH
Industrial
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CNH
Industrial
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Tel: +44 (0)2077 660
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Tel. +44 (0)2077 660
338
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Email:
mediarelations@cnhind.com
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www.cnhindustrial.com
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SOURCE CNH Industrial N.V.