CNH Industrial signs agreement to acquire excavator manufacturer Sampierana S.p.A
30 August 2021 - 03:30PM
With this acquisition, the Company will enhance
its offering in the construction segment, gaining greater in-house
capabilities, control over the value chain, and market share
opportunities.
London, August 30, 2021
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI)
announces the execution of an agreement to purchase 90% of the
capital stock of Sampierana S.p.A., a privately-owned Italian
company that specializes in the development, manufacturing and
commercialization of earthmoving machines, undercarriages and spare
parts, and to obtain 100% control of the company over four years
following closing of the transaction.
The debt and cash free consideration for the
total transaction will be equal to €101.8 million subject to
certain closing and post-closing adjustments. The consideration
will be funded with available cash on hand of CNH Industrial.
Closing is expected to occur in the fourth quarter of 2021, subject
to the satisfaction of customary closing conditions.
“This latest strategic acquisition will further
accelerate the profitable growth of our construction equipment
business. Sampierana’s exceptional portfolio solidifies our
presence in critical market segments and provides our dealers and
customers access to industry-leading products backed by our brand,
distribution, and manufacturing experience,” said Scott Wine, Chief
Executive Officer of CNH Industrial. “I want to thank Stefano
Pampalone, President Construction, and his team, both for driving
this deal to completion and for their excellent work turning around
our construction business, rightsizing the footprint and returning
it to profitability – an impressive achievement given the
challenging period.”
Recognized in the construction sector for its
line of Eurocomach mini and midi excavators and for special
undercarriages, Sampierana Group has recorded excellent performance
year-over-year, particularly in Europe, and is acknowledged for its
reliability, quality and innovative technology. Its broad product
portfolio, high customization capacity, and existing electric power
prototypes are an ideal fit with CNH Industrial’s customer-centric
and sustainable approach, and substantially augment the Company’s
in-house product and technology offerings. This acquisition will
enable CNH Industrial’s Construction Equipment business to
integrate Eurocomach mini and midi excavators, Sampierana
undercarriages and spare parts into its current product portfolio
alongside those of its existing third-party OEM partners. It
confirms CNH Industrial’s commitment to invest in and grow its
construction equipment business, better positioning it in the
high-demand mini and midi excavator market.
Sampierana is based in Italy with its
headquarters and production sites. Furthermore, it operates a fully
controlled subsidiary with production facilities in Kunshan,
China.
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
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Contacts:
Corporate Communications Email:
mediarelations@cnhind.com
Investor Relations Email:
investor.relations@cnhind.com
- 20210830_PR_CNH_Industrial_CE_Sampierana
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