CNH Industrial acquires ATI Track Systems
November 05 2019 - 8:00AM
London, November 5, 2019
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI),
today announced its agreement to acquire ATI Inc., a global
manufacturer of rubber track systems for high horsepower tractors
and combine harvesters. This acquisition will provide customers of
CNH Industrial’s global agricultural brands, Case IH and New
Holland Agriculture, with access to factory-fit industry-leading
track technology, extending the available range and enabling them
to tailor their choice based on their specific floatation,
suspension and traction requirements. ATI Track Systems’
industry-leading track technology provides leading-edge suspension
and high speed transport performance, unmatched durability and high
productivity on rough terrain while minimizing compaction and
maximizing traction in wet harvest conditions.
This acquisition includes ATI Track Systems’
engineering and manufacturing plant in Mt. Vernon, Indiana,
U.S.A..
CNH Industrial has a long standing commercial
supply agreement with ATI Track Systems dating back to 2012: where
tracks are currently fitted to the New Holland T9 articulated
tractor range. Following this acquisition, the track systems will
be available on Case IH and New Holland combines produced at the
Company’s Grand Island, Nebraska, U.S.A. facility starting in 2020,
and will also be available for retrofit.
“The acquisition of ATI Track Systems forms part
of CNH Industrial’s strategic acquisition program to drive
consolidation in the agricultural segment,” stated Hubertus
Mühlhäuser, Chief Executive Officer, CNH Industrial. “This latest
addition to the CNH Industrial agricultural portfolio will provide
professional agribusinesses with multi-patented, industry-leading
track technology, will further cement CNH Industrial’s
track-leadership position.”
Headquartered in Mount Vernon, Indiana, ATI Inc.
was established in 1997 and initially specialized in rubber tracks
used for seismic exploration on Alaska's North Slope, following
which the company extended this technology to a range of
agricultural tracks.
The closing of this transaction is subject to
various customary conditions precedent. Considering the already
announced acquisitions of AgDNA and K-Line (expected to be
consummated by the end of the year), the aggregate consideration
related to M&A activity in the Agricultural Segment for these
three transactions will be approximately equal to $85 million.
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
Contacts:
Corporate Communications
Email: mediarelations@cnhind.com
Investor Relations
Email: investor.relations@cnhind.com
- 20191105_PR_CNH_Industrial_Acquires_PILLAR
CNH Industrial NV (NYSE:CNHI)
Historical Stock Chart
From Mar 2024 to Apr 2024
CNH Industrial NV (NYSE:CNHI)
Historical Stock Chart
From Apr 2023 to Apr 2024