CNH Industrial N.V. (CNHI) Announces Acquisition of Kongskilde Agriculture
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CNH Industrial N.V. (NYSE: CNHI) announced its agreement to acquire the agricultural Grass and Soil implement business of Kongskilde Industries, part of the Danish Group Dansk Landbrugs Grovvareselskab (DLG A.m.b.A.). This business develops, manufactures and sells solutions for agricultural applications in the Tillage, Seeding and Hay & Forage segments under various brands, including Kongskilde, Överum and JF.
The acquisition comprises a transfer of assets related to the Tillage, Seeding and Hay & Forage activities of Kongskilde Industries. The manufacturing footprint of this business includes two plants in Europe, located in Poland and Sweden. The transaction is subject to various closing conditions, including regulatory approvals.
As a result of the agreement with DLG A.m.b.A., CNH Industrial's global agricultural machinery brand New Holland Agriculture will undergo a significant product portfolio extension that will strengthen its Tillage, Seeding and Hay & Forage product offering. New Holland has a long-established leadership in the hay tools segment going back to 1940 with the introduction of the first self-tying baler to American farmers, a major breakthrough in hay harvesting. Today, New Holland is a leading global brand and an industry-leader in North America in hay tools with a complete product offering of hay equipment used in a variety of agricultural, dairy, and livestock industries.
"We are proud to welcome the well established products and brands of Kongskilde, Överum and JF into the CNH Industrial Group. It is our intention to build upon these proud heritages and significantly increase their market access as part of our worldwide distribution network," commented Richard Tobin, CEO of CNH Industrial.
Through this agreement New Holland will be able to provide its worldwide customers with further innovative and comprehensive equipment solutions for their farming needs in tillage, seeding and Hay & Forage
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