CNH Receives Approval for Divestiture of Fermec Construction Equipment Business.Business Editors RACINE, Wis.--(BUSINESS WIRE)--July 6, 2000 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 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 has approved the sale of its Fermec Holdings Limited construction equipment business to EarthForce Holdings Limited. CNH agreed to divest Fermec as part of the conditions under which the European Commission approved the merger of Case Corporation and New Holland. Under the sale agreement, EarthForce is purchasing the Manchester, England, plant, and the Fermec loader/backhoe and industrial tractor product lines. Fermec products will continue to be marketed through existing 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. CNH will retain its manufacturing and marketing rights for mini-excavators that were licensed to the company by Kobelco. The Manchester plant will continue to make those models, which will be sold under the Case brand, under an exclusive supply agreement for CNH. In addition, CNH negotiated a non-exclusive supply agreement for four-wheel-steer loader backhoes that also will be sold as part of the Case line of construction equipment. CNH will discontinue supply of skid steer loaders from its Wichita, Kansas
Wichita, also known as the Air Capital of the World, is the largest city in the U.S. state of Kansas, as well as a major aircraft manufacturing hub and cultural center. , facility for the Fermec line. To date, CNH has nearly completed nearly all of its divestiture requirements set forth by the European Commission and U.S. Department of Justice. The company continues to pursue divestiture of its Case IH CX and MXc tractors lines and Doncaster, England, plant. 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, Fermec, Fiatallis, Fiat-Hitachi, Link-Belt (earth-moving equipment), New Holland, New Holland Construction, O&K and Steyr. |
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