CNH Industrial entered into an agreement to purchase Hemisphere GNSS, a provider of satellite positioning technology currently owned by Unistrong, a company in the People’s Republic of China. This acquisition advances CNH Industrial’s automated and autonomous solutions for agriculture and construction. Hemisphere will continue to operate as a standalone business via operations in the United States, Canada and Australia.
“This move enhances our automation and autonomy tech stack and broadens our talent pool,” Marc Kermisch, chief digital and information officer at CNH Industrial, said. “Having Hemisphere’s technology in-house will enable us to accelerate a broad range of our precision technology programs, providing our customers with immediate productivity-enhancing solutions. It will also increase the long-term competitiveness and flexibility of our agriculture and construction portfolio.”
“Our team is excited to combine resources and talent with CNH Industrial,” Farlin Halsey, president and CEO at Hemisphere GNSS, said. “This enables us to further enhance our technology and product development in core GNSS, agriculture, construction, marine and machine control markets, and to directly integrate our technology with CNH Industrial’s world class equipment.”
Consideration for the acquisition is preliminarily determined at $175 million, free of cash and debt, and subject to customary adjustments. It will be funded with available cash on hand. Closing is expected to occur within Q3/23, subject to the satisfactory completion of all required closing conditions, including Unistrong’s shareholders’ approval and all mandatory regulatory approvals, including those required by the applicable laws and regulations of the People’s Republic of China.
