CNH Industrial to Acquire Hemisphere GNSS
NORTHAMPTON, MA / ACCESSWIRE / March 31, 2023 / CNH Industrial (NYSE:CNHI) announces that it has entered into an agreement to purchase Hemisphere GNSS (Hemisphere), a global leader in high-performance satellite positioning technology, currently …
NORTHAMPTON, MA / ACCESSWIRE / March 31, 2023 / CNH Industrial (NYSE:CNHI) announces that it has entered into an agreement to purchase Hemisphere GNSS (Hemisphere), a global leader in high-performance satellite positioning technology, currently owned by Unistrong, a company incorporated in the People's Republic of China. This acquisition is a critical step that advances our automated and autonomous solutions for Agriculture and Construction. Combined with our Raven Brand's capabilities, this development gives us full control of our precision and navigation technologies.
"This move enhances our automation and autonomy tech stack and broadens our talent pool," said Marc Kermisch, Chief Digital & Information Officer at CNH Industrial. "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."
Hemisphere's proprietary Global Navigation Satellite System (GNSS) solutions provide pinpoint accuracy for the agriculture, construction, mining and marine industries. The company designs Electronic Systems and Software solutions. Their core technology capabilities include application-specific integrated circuit chips, circuit boards, Radio Frequency signal processing, navigation algorithms and Satellite-Based Correction designs. It will continue to operate as a standalone business via operations in the USA, Canada and Australia.
Hemisphere's expertise and network will be integrated into our Brands' products and services. This combination of technology and product will contribute to providing customers with a superior user experience in the field and on the job site.
"Our team is excited to combine resources and talent with CNH Industrial. 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," said Farlin Halsey, President and CEO at Hemisphere GNSS.
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 the third quarter of 2023, 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.
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