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HomePosts Tagged "CNH Industrial"
Agribusiness, Company News, Farm Mechanisation, Machinery - Pre-harvesting, Machinery – Post-harvesting, People, World

Prior to first joining CNH in January 2019, Marx worked for 20 years in senior roles at McKinsey, Daimler Trucks, and Bain Capital, living in Brazil, China, Europe and Japan.

CNH Industrial announced the appointment of Gerrit Marx to the role of CEO effective July 1, 2024. He succeeds Scott Wine, whose request to leave the Company at the end of the current three-year business plan cycle to pursue other interests, has been accepted by the Board. Marx rejoins CNH from Iveco Group where as CEO he has led that company’s drive into a new era of connectivity, integrating the latest digital and data technologies with Iveco’s product offering. He has also chaired Iveco’s powertrain business overseeing its transition to alternative propulsion systems. Prior to first joining CNH in January 2019, Marx worked for 20 years in senior roles at McKinsey, Daimler Trucks, and Bain Capital, living in Brazil, China, Europe and Japan.

During the more than three years of Wine’s tenure as CEO, CNH has become an agriculture and construction pure-play following the Iveco Group demerger and is now solely listed on the New York Stock Exchange. Among his achievements, Wine has delivered three straight years of record revenues and EBIT margins while overseeing the improved performance of the Company’s Agriculture segment, the turnaround of the Construction segment, and the 2021 acquisition of Raven Industries, the precision agriculture technology business. In this period the Company has more than doubled its R&D expenditures, launched ambitious margin improvement and value enhancement initiatives, and by May 2024 will have returned more than $3 billion to shareholders in the form of dividends and share buybacks.

CNH’s Chair, Suzanne Heywood commented: “We’re delighted to welcome Gerrit back to CNH as CEO. We look forward to him bringing the same energy and focus he has demonstrated so effectively when leading Iveco, to his new role at a time when CNH is navigating the current end-market downcycle with an emphasis on managing inventory and costs, expanding margins, and harnessing the full potential of the newly established tech stack. On behalf of the Board, I would also like to thank Scott Wine for his leadership and considerable contribution to CNH’s progress in these years and wish him well in his future endeavors.”

With Marx’s appointment as the Company’s new CEO taking effect on July 1, 2024, the Board has decided that the Investor Day presentation scheduled for May 21, 2024, will be postponed to a later date to allow Marx to lead the Company’s planning and objectives for the next phase of its development. In the meantime, the Company’s first quarter financial results will be presented as planned in a conference call on May 2, 2024 by Mr. Wine, who will continue as the Company’s CEO until the end of June.

Marx returns to CNH from Iveco Group, succeeding Scott W. Wine who has decided to leave the Company having successfully overseen the delivery of the 2021 Business Plan.

Prior to first joining CNH in January

Agribusiness, Farm Mechanisation, India, Interaction, Machinery - Pre-harvesting, Machinery – Post-harvesting

Narinder Mittal, Country Manager & Managing Director, Agriculture Business – CNH Industrial India & SAARC, shares insights on India’s farm mechanisation industry with AgroSpectrum. Edited excerpts;

With renowned brands like Case IH and New Holland, CNH Industrial, a global leader in equipment and services, provides comprehensive agriculture solutions, including machinery, implements, and digital technologies. CNH has been at the forefront of delivering cutting-edge technology to farmers nationwide. Celebrating its 25th anniversary, CNH recently showcased agricultural machinery, including balers, combine harvesters, and tractors, at its Greater Noida facility. Narinder Mittal, Country Manager & Managing Director, Agriculture Business – CNH Industrial India & SAARC, shares insights on India’s farm mechanisation industry with AgroSpectrum. Edited excerpts;

How do you foresee the tractor and agriculture equipment business evolving in 2024?

Looking back at 2023, the tractor market experienced fluctuations, with growth in the first half followed by a softening of demand in the latter half of the year. In key regions like Maharashtra, and parts of Karnataka, particularly in the sugarcane farming belt, demand was lower. However, as we look ahead to 2024, the performance outlook is positive. Although the year may not witness a peak in growth, it is not expected to decline either. We anticipate growth to resume from the second half of 2024.

The agriculture sector plays a pivotal role in the overall economic growth. The Government of India has undertaken several initiatives, including the ambitious goal of doubling the income of farmers. This will not only help farmers achieve a better standard of living but also motivate them to contribute actively to their work. The agriculture sector is projected to contribute $600 billion to India’s GDP by 2030.

You have recently developed an artificial intelligence (AI) technology that enables tractor and agriculture equipment operators to work remotely. Do you believe that such technologies will revolutionise the Indian agriculture sector?

The adaptable Sense & Act application, developed by Augmenta and recently acquired by CNH, represents a significant advancement in AI technology. Initially integrated into intelligent sprayers, this is one example of the company’s AI technology that is built for after-market flexibility. It uses real-time sensors, camera vision, and AI capabilities to autonomously control precise application rates.

The ability for tractor and agricultural equipment operators to remotely conduct operations is undoubtedly a game-changer. It has the potential to significantly enhance productivity, reduce resource wastage, and propel mechanisation in Indian farming practices. While the technology is already primed for the global market, its integration into machines tailored for the Indian market may require some time. Various factors such as cost, infrastructure and the specific needs of farmers, must align to create a viable market. Nevertheless, the prospect of introducing such advanced and adaptable solutions holds immense promise for ushering in a new era of efficiency and sustainability in Indian agriculture.

Recently, there has been a surge in sales of balers in both small and large sizes. What factors are driving this increase, and do you have plans to commence manufacturing these balers in India?

While there is always an increase in demand for balers during the harvesting season, this year has seen a notable uptick, particularly in regions like Punjab, Haryana, Uttar Pradesh and Madhya Pradesh. This heightened demand can be attributed to the concerted efforts of both the government and the farming community to mitigate crop stubble burning, particularly during the critical harvesting months of October and November. The Centre has allocated Rs 600 crore to states for managing paddy straws. This includes its new initiative on ex-situ supply chain management ahead of the stubble burning season this year with a special emphasis on Punjab and Haryana. As a result, balers are experiencing increased adoption in these areas.

New Holland manufactures small balers at our Pune plant, with some of its components imported from the United States. We aim to achieve complete localisation of our baler production by the middle of this year.

What are your expansion plans for 2024, and how do you intend to implement them?

In 2024, our primary objective is to maximise the production capacity of our existing facilities. Our engine plant in Greater Noida in particular, has commenced pilot production, with full-fledged production of engines compliant with new emission norms set to begin by the end of the year.

Furthermore, we are ramping up production at our Pune facility to cater to the need for diverse agricultural gear across India. This expansion includes the launch of tractor assemblies for the 35–42 HP range, with an expected production of 10,000 units in the coming year. Additionally, we are bringing our small square baler production in-house at our Pune facility to boost productivity and meet the unique demands of the Indian market.

To further enrich our product portfolio, our Pune facility will focus on manufacturing Case IH sugarcane harvesters and New Holland combine harvesters. At the same time, our global technology centre in India, operational since March 2021, and spanning 680,000 square feet, is equipped with state-of-the-art features such as an invention centre, vehicle simulation capabilities, and a cutting-edge Extended and Virtual Reality (XR/VR) lab. With over 700 engineers dedicated to advancing precision technology, supported by satellite offices in Bangalore and Pune, we’re committed to driving innovation in the farm machinery industry.

To read more click on:https://agrospectrumindia.com/e-magazine

Narinder Mittal, Country Manager & Managing Director,

Agrotech, Company News, Machinery – Post-harvesting, World

Accessible farm tractor has been designed for people with lower limb disabilities, enabling them to work in fields independently.

New Holland Agriculture, a brand of CNH Industrial, has commercially launched the world’s first accessible farm tractor. The TL5 ‘Acessível’ (Accessible in Brazilian Portuguese), produced at the Brand’s plant in Curitiba (PR), has been designed for people with lower limb disabilities, enabling them to work in fields independently.

According to the 2019 National Health Survey, published by the Brazilian Ministry of Health together with the Brazilian Institute of Geography and Statistics, Brazil has 17.3 million people over the age of two with some type of disability (8.4 per cent of this population), with 7.8 million having physical lower limb disabilities. Of the total number of people with a disability in Brazil, 2.9 million live in rural households.

“People with disabilities, including those who live and work in the countryside, want autonomy so they can carry out their activities independently. This is the main premise of inclusion. As a full-liner brand, whose portfolio meets the needs of small, medium and large producers, New Holland is further expanding its product range with the launch of the accessible tractor. It will help eliminate barriers that today make it impossible for many farmers to get on a machine”, says Eduardo Kerbauy, vice president of New Holland Agriculture for Latin America.

First presented as a concept tractor at Rural Coopavel and Expodireto Cotrijal in 2020 – two of the main agricultural fairs in the country – it met with both public and press acclaim. The final product has been created in partnership with the inclusive mobility company Elevittá, Arteprima and Senai from São Leopoldo (RS).

The development of the Accessible TL5 also involved the participation of a New Holland customer, who uses a wheelchair. “As a brand committed to improving overall customer experience, this accessible tractor emerged from the real needs of many farmers, and they played a fundamental role in the development of the final product. And safety was always at the forefront”, observes Flávio Mazetto, Director of Product Marketing for New Holland Agriculture for Latin America.

Accessible farm tractor has been designed for

Award, Company News, India, Machinery - Pre-harvesting, Machinery – Post-harvesting

The brand has been awarded the Best Tractor in the above 60 HP category for the New Holland 5620 TX TREM-IV and in the Best Tractor for Agriculture for New Holland 3630 TX Super Plus

New Holland Agriculture, a brand of CNH Industrial, has been honoured with three awards at the fourth edition of the Indian Tractor of the Year (ITOTY) awards, 2023. The brand has been consistently recognised and honoured at this event ever since the inception of the ITOTY awards.

The brand has been awarded the Best Tractor in the above 60 HP category for the New Holland 5620 TX TREM-IV and in the Best Tractor for Agriculture for New Holland 3630 TX Super Plus. Additionally, under the Best CSR Initiative category, New Holland has been recognised for its Unnat Kaushal skill development initiative. These achievements serve as a testament to the brand’s expertise in providing exceptional farming solutions and equipment in the country.

Since 2019, the ITOTY Award has been presented yearly to honour the innovation and efforts of tractors and farm equipment manufacturers. The Tractor of the Year awards emphasise new features, products, and innovations from the producers.

On the recognition, Sandeep Gupta, Director – Agriculture Brand India, CNH Industrial said, “We at New Holland Agriculture are unwaveringly committed to meeting our customers’ needs with technologically advanced equipment. This prestigious accolade testifies to the competence of our cutting-edge products and will further bolster consumers’ trust in the brand. Our passion for enabling farmers and boosting their productivity, simplifying and enhancing their lives, is shown by our investment in sustainability and innovation.”

Through more than 500 dealers and approved service centres, New Holland Agriculture provides products and services to over 600,000 consumers throughout India. It provides a large selection of tractors for both domestic and international markets, ranging from 20 to 110 HP.

The brand has been awarded the Best

Agrotech, Company News, India, Machinery - Pre-harvesting, R&D

The company’s New Holland and Case IH agriculture brands have taken notable strides in introducing comprehensive training programs targeting both farmers and equipment operators across India

CNH Industrial, a global leader in agricultural and construction equipment, has reaffirmed its commitment to prioritise skill development and education as key drivers for sustainable growth on Youth Skills Day.

Kavita Sah, CSR Lead at CNH Industrial, stated, “Our commitment lies in driving productivity, innovation, and sustainability across industries through our skills development initiatives. By empowering individuals and communities with training and education, we positively impact both industry and society as a whole. In addition to providing training, we actively collaborate with dealers, industry players, and suppliers to facilitate employment opportunities. Our initiatives have already impacted over 15,000 families in India, and we remain dedicated to furthering the development of rural India through our existing and upcoming endeavours.”

Recently, the company’s New Holland and Case IH agriculture brands have taken notable strides in introducing comprehensive training programs targeting both farmers and equipment operators across India. New Holland Agriculture has launched an innovative initiative that aims to equip individuals with the essential skills and technical expertise necessary for mechanized farming practices. Similarly, Case IH introduced the ‘Unnat Kaushal-Sugarcane Harvester Operator Training’ program which is designed specifically for operators working in sugarcane harvesting across the country.

CASE Construction Equipment recently marked the first anniversary of its Hunar initiative, at the Skill Development Centre in Pithampur. ‘Hunar’ focuses on providing comprehensive training in loader backhoe operation and helps operators find jobs in the industry. The company has a modern, fully equipped Service Training Centre at its Pithampur plant where the After Market Sales (AMS) team also delivers training to dealer staff. In addition, CASE introduced the LEAD initiative earlier this year, which aims to foster entrepreneurship among 30,000 rural young people from across India. The project focuses on subsidiary income generation avenues in the agriculture and infrastructure sectors through awareness and training programs.

The company’s financial services division, CNH Industrial Capital, has also trained farmers in Haryana and Uttar Pradesh on Financial Literacy, Farm Mechanisation, Biomass Management, and State Agricultural Subsidies.

The company’s New Holland and Case IH

Agrotech, Company News, Europe, Machinery - Pre-harvesting

 Integration will fast track the further enhancement of CNH Industrial’s precision and automated spraying capabilities.

CNH Industrial and ONE SMART SPRAY, a joint venture between Bosch and BASF, have signed a collaboration agreement to integrate the latter’s advanced spraying system within CNH Industrial’s agricultural brand product portfolios. The system’s integration will be led by the Raven team and will be commercially available via the global Case IH and New Holland Agriculture brands.

The ONE SMART SPRAY integration is an important solution that will fast track the further enhancement of CNH Industrial’s precision and automated spraying capabilities. It will do so through multiple cameras installed on a sprayer’s boom. This will provide customers with green-on-green (plant on plant) and green-on-brown (plant on soil) weed detection and selective spraying.

Precision is combined with digital tools and agronomic insights that are accessible via mobile devices to provide in-depth weed maps, track input and cost savings in real time and generate automated reports and data. These deliver farmers clean fields while maximizing herbicide savings, operational efficiency and sustainability. The system also allows farmers to set up their desired spraying operations both in day and night conditions to expand their operating windows.

The collaboration with ONE SMART SPRAY is the latest development in CNH Industrial’s AgTech product offering, which will continue to support the world’s farmers to farm more efficiently and sustainably.

 Integration will fast track the further enhancement

Agrotech, Company News, Machinery – Post-harvesting, Sugar industry

  The brand will train 300 operators under this program to benefit farmers with an understanding to get optimal outcome for sugarcane farming

Case IH, a brand of CNH Industrial and a global leader in agriculture equipment has announces a new CSR (Corporate Social Responsibility) initiative the “Unnat Kaushal-Sugarcane Harvester Operator Training.” The program has been introduced in collaboration with Krishi Vigyan Kendra (KVK) in Baramati, Maharashtra for sugarcane harvester operators from all over India. The project aims to encourage sustainable sugarcane farming by training sugarcane farmers on the optimal use of harvesting equipment to improve overall efficiency and maximize machine uptime.

The initial batch had 150 farmers from villages of Baramati, Kolhapur, Satara and Sangli District. The five-day training program is set to educate 300 operators between 18 and 35 years of age with minimum education qualification. The program is geared towards providing them with employability skills and bridging the gap for skilled work force in the industry.

Sandeep Gupta, Agriculture India Sales and Development Leader, CNH Industrial said, “At CNH Industrial, we are committed in making a positive impact in the agricultural industry. With the Unnat Kaushal program, we aim to equip the sugarcane harvester operators with the necessary skills and knowledge. This initiative will enable the farmers to operate the equipment efficiently leading to increased productivity, minimized costs, and ultimately, a sustainable farming system. We hope to impact many more farmers in the region through this initiative.”

The program is a part of company’s constant endeavours to educate farmers and operators, especially in the rural regions of India. Last year, as a part of their various CSR initiatives, the company has trained 600 farmers in Haryana and Uttar Pradesh on topics such as financial literacy, farm mechanization, biomass management and State agricultural subsidies.

Case IH has been a global pioneer in mechanical sugarcane harvesting for nearly 80 years. The Austoft 4010 Maxx, available in India, is engineered for better cutting quality and improved productivity, with its lightweight and compact design providing sugarcane producers with more flexibility to harvest under various field conditions.

  The brand will train 300 operators

Company News, India, Machinery - Pre-harvesting

The agreement was locked after several rounds of assessment and audits

CEAT announced that CEAT Farmax radials are being fitted in Case IH and New Holland tractors.

The agreement was locked after several rounds of assessment and audits by the OEM of the Mumbai-based radial plant of CEAT and after multiple tests done on tires on various parameters.

“We have always been confident about the quality of our agriculture radials ever since we introduced them to the world in 2017. We have invested in world-class technologies and the best people to design our products. This partnership with CNH Industrial further lends credibility to that. We hope to be a long-term partner to them and want to help farmers grow their productivity.” says Amit Tolani- Chief Executive, CEAT Specialty.

The agreement was locked after several rounds

Agrotech, Company News, India, Machinery – Post-harvesting, Sustainability

The initiative has now been operational in 11 locations and helped save 14,000 tons of crop residue from burning and reduction of approximately 22,000 tons of Carbon emissions.

CNH Industrial, a global leader in agriculture and construction equipment, celebrates five years of its “Prevention of Crop Stubble Burning/Straw Management” initiative in India. Thanks to this project Kallar Majri in Punjab has been near smoke-free for five years.

CNH Industrial congratulated the village’s farmers for opting for a sustainable solution – baling instead of burning crop stubble. Following the project’s success, this initiative has been introduced to 10 additional locations in Haryana, Maharashtra, Uttrakhand, Chhattisgarh, Madhya Pradesh, Bihar and Uttar Pradesh.  It has raised farmers’ awareness of the benefits of baling versus burning, with more villages adopting this environment-friendly solution. Cumulatively, from 2017 – 2021, this initiative has saved approximately 14,000 tons of paddy straw from being burnt, reducing CO2 emissions by estimated 22,000 tons.

Raunak Varma, Managing Director and Country Head, CNH Industrial, India and SAARC said, “It’s a source of pride for us at CNH Industrial to celebrate this milestone at Kallar Majri. I am thankful to all our partners and the village’s farmers for being a strong pillar of support. As a responsible organization, sustainability is one of the key drivers of our company’s purpose, together with innovation and productivity. It continues to drive the decisions we make to create value for our customers, stakeholders, and our business.”

“As a global sustainability leader, we believe in creating ecological solutions for our planet. This initiative offers us a platform to support our farmers and help in improving the environment for the communities in which we operate”, he added.

The initiative has now been operational in

Agrotech, Company News, Machinery – Post-harvesting

 The ITOTY Award has been organized annually since 2019 to recognize the innovation and efforts of tractor and farm equipment manufacturers

New Holland Agriculture, a brand of CNH Industrial, has bagged three prestigious awards at the third edition of Indian Tractor of the Year (ITOTY) 2022.The brand has-been awarded in the Best Tractor in 46-50 HP category for the New Holland 3600-2 All Rounder Plus and in the Post-Harvest Solution of the Year for the New Holland Square Baler BC5060. New Holland also won the award for Best CSR Initiative for their innovative project on the prevention of crop stubble/residue burning and straw management. These accolades reaffirm the brand’s prowess in equipment and farming solutions in the country.

The ITOTY Award has been organized annually since 2019 to recognize the innovation and efforts of tractor and farm equipment manufacturers. The awards are focused on manufacturers’ innovation, new products, and features.

Kumar Bimal, Director, Sales & Network Development Off-Highway Agriculture India & SAARC, CNH Industrial Pvt. Ltd said, “At New Holland Agriculture we have always been committed to providing superior quality equipment to farmers. We believe in investing our resources not only on products but also on sustainability in agriculture.”

New Holland Agriculture serves over 500,000 customers in India through more than 500 dealers and authorized service centers. It offers a wide range of tractors from 35-90 HP for domestic as well as overseas markets.

The New Holland 3600-2 All Rounder Plus, with its advanced features like highest useful power and torque, is best-in-class for the 50 HP segment. Also known as India’s first inline high-speed tractor, it has the industry-leading features like reverse PTO, independent PTO clutch, 2000 kg lifting capacity, ROPS canopy, high ground clearance, and more.

The tractor comes with India’s most accepted flat styling and is equipped with best-in-industry hydraulics known as Sensomatic24. With its lowest SFC (specific fuel consumption) in the segment, it is known to be most fuel-efficient tractor in the category.

 The ITOTY Award has been organized annually

Agrotech, Machinery – Post-harvesting, Sustainability

 It showcases some of the projects and initiatives that are enabling CNH Industrial to pursue its sustainability strategy.

CNH Industrial has redoubled its commitment to a more sustainable future, as evidenced by the sixth edition of A Sustainable Year which highlights a selection of sustainability initiatives accomplished in 2021.It complements the earlier publication of the 2021 Sustainability Report, providing a reader-friendly snapshot of the Company’s major social, economic, and environmental activities as well as its strategic sustainability targets.

A Sustainable Year showcases some of the projects and initiatives that are enabling CNH Industrial to pursue its sustainability strategy. Highlights include CASE Construction Equipment’s beach care project to tackle plastic waste and raise awareness, and the Company’s program to install solar panels on the roofs of all manufacturing plants by 2030. It also details the New Holland brand’s e-Source, a new plug-in system which transforms mechanical energy generated by a tractor into electricity to power implements, consequently reducing carbon emissions, improving safety standards, and saving fuel.

Furthermore, the publication provides updates on how the Company is engaged with its people and communities at large, promoting Diversity and Inclusion initiatives and supporting its customers on their own sustainability journeys.

These stories are testament to CNH Industrial’s leading role in corporate sustainability. The Company continues to be acknowledged for its commitment, including 11 consecutive years of being named as an Industry Top Scorer in the Dow Jones Sustainability World and Europe Indexes.

 It showcases some of the projects and

Agrotech, North America

CNH Industrial also intends to invest in the expansion of Raven’s existing Innovation Campus in Baltic, South Dakota

CNH Industrial has opened a new engineering centre in Scottsdale, Arizona. This facility will support the rapid growth of the company’s Raven precision agriculture technology business as it develops cutting-edge customer solutions.

“Our industries are undergoing a significant tech transformation and CNH Industrial wants to attract a growing talent pool of engineers and digitally-focused professionals that will shape this future,” said Kevin Barr, Chief Human Resources Officer, CNH Industrial. “Our new Scottsdale hub will be an attractive, dynamic and innovative workplace where we will accelerate progress in the digital, automation and autonomous spaces.”

In addition to the new Scottsdale location, CNH Industrial also intends to invest in the expansion of Raven’s existing Innovation Campus in Baltic, South Dakota, located minutes away from its Headquarters in Sioux Falls. These facility upgrades will provide more space and resources for customer-inspired engineering, testing and research. The investments in Scottsdale and Baltic will bolster the Company’s engineering talent base, support the demand for innovative aftermarket solutions, and further Raven’s technology integration and advancements for the Case IH and New Holland Agriculture brand platforms.

These sites complement CNH Industrial’s current footprint in Arizona, which includes its nearby R&D facility in Casa Grande and proving grounds in Maricopa.

“Our integration with Raven is rapidly accelerating technology delivery to customers. It allows our Engineering teams to efficiently go from ‘code to cab’ to develop and deploy new technologies. These sites combined with our existing activities will reinforce our commitment to having engineers work closely with our customers,” said Parag Garg, Chief Digital Officer, CNH Industrial.

CNH Industrial also intends to invest in

Agrotech, R&D

The site will play a strategic role for collaborative efforts with its sister R&D centres around the world to innovate and leverage the leading-edge technology and digital ecosystem in India

CNH Industrial, a global leader in agriculture and construction, has officially inaugurated its new India Technology Center (ITC) in Gurugram. The strategic hub is an integral part of the company’s global R&D footprint focusing on Product Development and digital solutions.

The ITC is equipped with the latest technology and capabilities including an innovation centre, vehicle simulation and a state-of-the-art Extended Reality/Virtual Reality laboratory to support global technology-led projects. The centre has been operational since March 2021 and considering its early returns, the addition of further design development spaces for additive manufacturing, embedded software, data analytics, and User Interface & User Experience (UI/UX) with advanced simulation capabilities are foreseen. The site will play a strategic role for collaborative efforts with its sister R&D centres around the world to innovate and leverage the leading-edge technology and digital ecosystem in India, with increased efficiencies to benefit customers.

The centre will focus on developing core competencies in customer-influenced software solutions and technologies including cloud, embedded, electrification, autonomous, advanced analysis, simulation, automation and mechanical & electrical design.

Located in the Gurugram SEZ (Cyber City), the ITC employs over 100 people and is currently recruiting more through a rigorous and discerning talent search that prioritises diversity.

The site will play a strategic role

Agrotech, Environment, Nature, Sustainability, Sustainable Energy

The plan includes precision technology, agriculture, construction, electrification and alternative fuels, sustainability and three-year financial targets

CNH Industrial announced its updated 2024 strategic plan at its Capital Markets Day event in Miami, Florida. Scott W Wine, CNH Industrial Chief Executive Officer, introduced the new company and set forth its strategic priorities, including customer-inspired innovation; technology leadership; brand and dealer strength; operational excellence; and sustainability stewardship. 

Other senior members of the leadership team presented on topics including precision technology, agriculture, construction, electrification and alternative fuels, sustainability and three-year financial targets. 

The company confirms its intention to be net-debt free by 2023.

Additional financial plan highlights include: 

  • Gross Margin over 24 per cent by 2024, more than 300bps increase by the end of the plan period 
  • R&D of ~$2.6 billion, a step up to ~4.5 per cent of net sales focusing on new products and new precision technology 

The updated 2024 financial plan also commits to a consistent dividend policy and confirms the company’s ability to exercise appropriate share buybacks. 

CNH Industrial will invest in a path to excellence in customer and dealer satisfaction, fundamental to the company’s future success. The state-of-the-art and productivity-boosting agricultural product portfolio will undergo significant expansion, with 150 product launches expected over the plan period, supporting the differentiated positioning of the Case IH and New Holland Agriculture brands. 

The plan includes precision technology, agriculture, construction,