CNH Industrial commences a first tranche of its $300 million share buyback program
19 September 2022 - 03:30PM
London, September 19, 2022
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI)
announces that it is launching a first tranche of $50 million share
buyback (the “Tranche”) in the framework of its $300 million share
buyback program previously announced on July 29, 2022 (the
“Program”). Subject to market and general business conditions, the
Program is intended to last until the earlier of the completion of
the purchases up to $300 million or October 12, 2023. Funded by the
Company’s liquidity, the Program is intended to optimize the
capital structure of the Company and allow the Company to meet the
obligations arising from the existing equity incentive plans.
The Program follows the €100 million share
buyback program, which was completed on September 14, 2022.
CNH Industrial has entered into a
non-discretionary arrangement with a financial intermediary to
conduct this first Tranche of the Program. Under this agreement
purchases may continue during any closed periods of the Company in
accordance with the applicable regulations. The purchases will be
executed on Euronext Milan and on multilateral trading facilities
(MTFs) in compliance with the Market Abuse Regulation and the terms
and conditions of the existing authority granted by the general
meeting of shareholders on 13 April 2022.
The actual timing, number and value of common
shares repurchased on the Euronext Milan will depend on a number of
factors, including terms and conditions of the agreement with the
financial intermediary and market and general business
conditions.
CNH Industrial will provide weekly updates on
the progress of the Program via a press release and its website
bit.ly/CNHI_Buyback.
As of September 16, 2022, the Company currently
holds 16,214,663 common shares in Treasury.
CNH Industrial (NYSE: CNHI /
MI: CNHI) is a world-class equipment and services company. Driven
by its purpose of Breaking New Ground, which centers on Innovation,
Sustainability and Productivity, the Company provides the strategic
direction, R&D capabilities, and investments that enable the
success of its global and regional Brands. Globally, Case
IH and New Holland Agriculture supply
360° agriculture applications from machines to implements and the
digital technologies that enhance them; and CASE
and New Holland Construction Equipment deliver a
full lineup of construction products that make the industry more
productive. The Company’s regionally focused Brands include:
STEYR, for agricultural tractors;
Raven, a leader in digital agriculture, precision
technology and the development of autonomous systems;
Flexi-Coil, specializing in tillage and seeding
systems; Miller, manufacturing application
equipment; Kongskilde, providing tillage, seeding
and hay & forage implements; and Eurocomach,
producing a wide range of mini and midi excavators for the
construction sector, including electric solutions.
Across a history spanning over two centuries, CNH Industrial has
always been a pioneer in its sectors and continues to passionately
innovate and drive customer efficiency and success. As a truly
global company, CNH Industrial’s 37,000+ employees form part of a
diverse and inclusive workplace, focused on empowering customers to
grow, and build, a better world.
For more information and the latest financial
and sustainability reports visit: cnhindustrial.com
For news from CNH Industrial and its Brands
visit: media.cnhindustrial.com
Contacts:
Media RelationsEmail:
mediarelations@cnhind.com
Investor RelationsEmail:
investor.relations@cnhind.com
- 20220919_PR_CNH_Industrial_Buy_Back_Program
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