CNH Completes Divestiture of Fermec Construction Equipment Business.Business Editors RACINE, Wis.--(BUSINESS WIRE)--Jan. 3, 2001 CNH Global CNH Global N.V. (short for Case-New Holland; NYSE: CNH-ADR's) is the second largest manufacturer of agricultural equipment and the third largest maker of construction equipment in the world. (N:CNH CNH Carteira Nacional de Habilitação CNH Centro Nacional de Huracanes (Spanish) CNH California Nevada Hawaii (a district of Kiwanis International) CNH Club Náutico Hacoaj ) announced today that it has completed the divestiture of its Fermec Holdings Limited construction equipment business to Terex Corporation. Terms were not disclosed. The sale of Fermec was among the conditions under which the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community approved the merger of Case Corporation and New Holland. Terex acquired the Manchester, England, plant, and the Fermec loader/backhoe and industrial tractor product lines. Fermec products will continue to be marketed through existing Fermec dealer and distributor outlets in Europe, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Australia, as well as Africa and the Middle East. CNH retained its manufacturing and marketing rights for mini-excavators that were licensed to the company by Kobelco and formerly made at the Manchester plant. CNH announced earlier this year that it was moving production of these mini-excavators to one of its facilities in Europe. In addition, CNH has negotiated a non-exclusive supply agreement with Terex for four-wheel-steer loader backhoes that will be sold as part of the Case line of construction equipment. With strong global brands, CNH is a leader in the agricultural equipment, construction equipment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries and had combined 1999 revenues of approximately $11 billion. CNH sells its products in 160 markets through a network of more than 10,000 dealers and distributors. CNH products are sold under the following brands: Case, Case IH, Fiatallis, Fiat-Hitachi, Link-Belt (earth-moving equipment), New Holland, New Holland Construction, O&K and Steyr. |
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