Construction and agriculture equipment giant CNH Industrial CNHI 0.00 has entered into an agreement to purchase Hemisphere GNSS from China-based Unistrong for an estimated $175 million. The company said that Hemisphere, when combined with its Raven agriculture brand, will give it full control over precision and navigation technologies.
However, Hemisphere, with operations in the United States, Canada and Australia, will continue to operate as a standalone unit, the company said. Hemisphere is known for its GNSS solutions for agriculture, machine control, construction, mining and marine industries.
“This move enhances our automation and autonomy tech stack and broadens our talent pool,” said Marc Kermisch, CNH Industrial’s chief digital and information officer, in a statement. “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.”
The deal, which will be funded with “cash on hand,” is expected to close in the third quarter of 2023 after regulatory review, CNH Industrial said.
Last year, CNH Industrial, which purchased U.S-based Raven for $2.1 billion in 2021, separated its truck and bus unit, Iveco Group, to focus on machinery and construction equipment, according to Reuters.
CNH Industrial, with 37,000 worldwide employees, is known for its agriculture and construction equipment brands that include Case IH, New Holland Agriculture, STEYR and Raven, to name a few.
