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CNH Industrial NV (NYSE: CNHI) has agreed to purchase 90% of the capital stock of privately-owned Italian company Sampierana S.p.A., and to obtain 100% control over four years following closing, for total transaction consideration of €101.8 million.
Sampierana specializes in developing, manufacturing, and commercializing earthmoving machines, undercarriages, and spare parts.
The acquisition will enable CNH Industrial's Construction Equipment business to integrate Eurocomach mini and midi excavators, Sampierana undercarriages, and spare parts into its current product portfolio alongside those of its existing third-party OEM partners.
"This latest strategic acquisition will further accelerate the profitable growth of our construction equipment business," commented Scott Wine, Chief Executive Officer of CNH Industrial.
CNH Industrial plans to fund the transaction with available cash on hand and close the deal in 4Q21.
CNH Industrial held cash and cash equivalents of .58 billion as of June 30, 2021.
Price Action: CNHI shares are trading lower by 0.06% at $16.80 during the premarket session on Monday.
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