One of largest world agricultural machinery manufacturers sells business in Russia

One of the world's largest agricultural machinery manufacturers, CNH Industrial Group, which owns Case and New Holland, will sell its assets in Russia.

The relevant statement was published on the company's website, Ukrinform reports.

It is noted that Russian assets will be sold for $60 million.

"CNH Industrial announces today the divestiture of its business activities in Russia for a total consideration of approximately $60 million," the statement said.

This follows the announcement in March 2022 that it was suspending supplying to the Russian market. Until today, the payment of employee salaries and other administrative expenses in Russia has been duly guaranteed.

Until March 2022, CNH Industrial had a corporate office in the Moscow region, which managed the import and distribution of its products in Russia, regional business activities and commercial financing.

The assets of CNH Industrial's Russian branch included manufacturing sites for agricultural equipment, tools and construction equipment, and a spare parts warehouse. About 200 employees worked at these sites.

Photo: fim-cisl.it