CNH To Form Joint Venture With Kobelco By Selling 70% Interest In Construction Equipment Business At $1B Enterprise Value, Retaining 30% Stake

CNH Announces Agreement to Form a Joint Venture by Selling a 70% Interest in its Construction Equipment Business to Kobelco Construction Machinery

• Transforms CNH into a leading, pure-play agriculture equipment, technology, and services company with a strengthened financial profile
• Creates joint venture that operates as a global manufacturer of construction equipment, with an enhanced ability to invest and innovate to better serve customers
• Transaction values CNH’s Construction Equipment business at an enterprise value of $1 billion; CNH to receive cash and 30% ownership in the joint venture; transaction expected to be accretive to CNH margins