After what’s been described as a lengthy process, Fiat Industrial has acquired the remaining 12% of shares that it didn’t already have of its U.S. subsidiary CNH. This newly formed company has yet to be named, but according to a joint press release it will be based in the Netherlands and traded on the NY Stock Exchange and possibly in Europe as well.
Fiat Industrial, based in Turin, Italy, includes IVECO truck and heavy vehicle company and FPT Industrial Powertrains. CNH, based in Burr Ridge, Illinois, sells ag and construction equipment with the Case, Case IH and New Holland brands in 170 countries.
This merger forms the third largest global capital goods company after Caterpillar and Volvo.
The simplified corporate structure aims to result in more resources for the business.
You can read the full news release here.