CNH Industrial N.V. (CNH)

CNH Industrial N.V. is a global equipment company that develops, manufactures and sells agricultural and construction equipment, with a captive financial services arm. It was formed in 2013 through the business combination of Fiat Industrial S.p.A. and its subsidiary CNH Global N.V. It is incorporated in the Netherlands, and its principal office is in Basildon, Essex, United Kingdom. Its "Iron + Tech" strategy focuses on precision agriculture, automation, connectivity and autonomy, supported by acquisitions such as Raven Industries, Hemisphere GNSS and Augmenta.

The company operates three segments: Agriculture, Construction and Financial Services. Agriculture offers tractors, harvesters, hay and forage equipment, seeding and planting equipment, self-propelled sprayers, and precision technology and aftermarket solutions. Its brands are Case IH, New Holland, STEYR (small and mid-sized tractors, mainly in Europe) and Raven (technology). Construction offers excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, compact track loaders and attachments. It sells mainly under the CASE Construction Equipment and New Holland Construction brands, plus the regional Eurocomach brand for compact equipment. It began producing full-electric compact construction equipment in 2023. Financial Services, branded CNH Capital (and Banco CNH in Brazil), provides retail financing for new and used equipment, wholesale financing to dealers and distributors, revolving charge account financing, and trade receivables factoring for CNH subsidiaries. European financing is supported by the Iveco Group's financial services segment.

Agricultural customers include row crop, dairy and livestock farmers. Their purchases are driven by net farm income, commodity prices, government subsidy programs, weather, and demand for precision technology. Construction customers include construction companies, municipalities, rental fleet owners, contractors, residential builders, utilities, landscapers and farmers. Demand depends on infrastructure spending, residential and commercial construction, and interest rates. Sales are reported by region: North America, EMEA, South America and Asia Pacific. Demand is seasonal, with peak agricultural deliveries in March through June in the Northern Hemisphere and September through December in the Southern Hemisphere.

CNH's network includes industrial, commercial and financial services subsidiaries in 32 countries and a commercial presence in about 166 countries. Products reach customers through dealer networks, and some construction products are also sold through agriculture dealers. Construction products share common components to gain economies of scale, and the 2021 acquisition of Sampierana S.p.A. gave CNH direct control over mini and midi excavator technology and manufacturing. The industries are highly competitive, with global full-line manufacturers, specialists, regional manufacturers and low-cost local producers. Principal agricultural competitors include Deere & Company, AGCO, Claas, Kubota, Argo Tractors, Same Deutz-Fahr and Mahindra. Principal construction competitors include Caterpillar, Komatsu, J C Bamford, Hitachi Construction Machinery, Volvo Group, Liebherr, Develon, Bobcat, Kubota, SANY and Deere.