CNH Industrial Buys Satellite Positioning Company
By Will Feuer
CNH Industrial N.V. said it has agreed to buy satellite positioning technology company Hemisphere GNSS from its Chinese parent Unistrong for $175 million.
CNH, which makes agricultural and construction equipment, said the deal will help advance its autonomous and automated offerings.
"Having Hemisphere's technology in-house will enable us to accelerate a broad range of our precision technology programs, providing our customers with immediate productivity-enhancing solutions," said Marc Kermisch, CNH's chief digital and information officer.
Hemisphere's proprietary systems provide precision accuracy for the agriculture, construction, mining and marine industries. It has operations in the U.S., Canada and Australia.
CNH said it plans to fund the transaction with cash on hand, and that it is expected to close in the third quarter. The deal is subject to regulatory approvals, including those required by the People's Republic of China.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 30, 2023 06:43 ET (10:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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