CNH Industrial completes Voluntary Delisting of Shares from Euronext Milan and begins Single Listing on the New York Stock Exchange
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The shift to a single listing on the NYSE by CNH Industrial represents a strategic consolidation of the company's stock market presence. This move could potentially enhance liquidity and increase the stock's visibility among investors, as the NYSE is one of the world's largest stock exchanges. Moreover, a single listing can lead to cost savings in terms of regulatory compliance and reporting. Investors should monitor how this change affects the stock's trading volume and volatility, as well as whether it attracts more institutional investors due to the increased prominence.
Furthermore, the company's focus on becoming an 'agriculture and construction equipment pureplay' suggests a strategic narrowing, which might appeal to investors interested in specialized sectors. This could lead to a re-rating of the company's valuation multiples if the market perceives increased efficiency and profitability as a result of this strategic focus. However, it's important to consider the risks associated with a narrower business focus, such as increased sensitivity to sector-specific economic cycles and potential exposure to market disruptions.
By delisting from Euronext Milan and consolidating its shares on the NYSE, CNH Industrial is signaling a commitment to the North American market, which could have implications for its business strategy and competitive positioning. This move might be an attempt to align more closely with its core customer base and investors who are more familiar with the agriculture and construction equipment sectors. As a result, the company might experience changes in its shareholder base, with a potential increase in U.S.-based investors.
It is also indicative of the company's broader simplification efforts. Streamlining operations and focusing on core competencies often lead to improved operational efficiencies and cost reductions. Stakeholders should consider how these changes can impact the company's market share and competitive edge within the industry, as well as its ability to innovate and respond to market demands. The long-term benefits will likely depend on the company's execution of its focused strategy and its responsiveness to industry trends.
The delisting of CNH Industrial from Euronext Milan and the transition to a single listing on the NYSE can be interpreted within the broader context of global economic trends. Companies often seek listings on exchanges that offer the most strategic advantages, including access to deeper capital pools and investor bases that have a better understanding of their business. The decision by CNH Industrial may reflect broader economic shifts, such as the increasing importance of the U.S. market for heavy machinery and equipment.
Investors should consider the broader economic implications of this move, including currency exchange risks and the impact of international trade policies on CNH's business. The company's focus on becoming more customer-centric, efficient and profitable is consistent with global economic pressures for companies to streamline operations and cut costs amidst fluctuating market conditions. The long-term success of this strategy will hinge on the company's ability to adapt to economic changes and maintain its competitive edge in a global marketplace.
CNH Industrial completes Voluntary Delisting of Shares from Euronext Milan and begins Single Listing on the New York Stock Exchange
Basildon, January 2, 2024
CNH Industrial N.V. (NYSE: CNHI) announces that it has completed the voluntary delisting of its shares from Euronext Milan. Shares of CNH are now solely listed on the New York Stock Exchange (NYSE).
“The single listing on the NYSE is the latest step in our ongoing simplification journey, which accelerated in 2022 as we became an agriculture and construction equipment pureplay,” said Scott W. Wine, Chief Executive Officer. “Considering this delisting and other initiatives enacted over the past two years, CNH is fundamentally a different company: more customer focused, more efficient, and more profitable. With this renewed foundation, we are enthusiastic about our future.”
As announced on February 2, 2023, CNH’s decision to delist was taken following a careful review of the relative trading volumes on the two exchanges as well as the costs and administrative resources required to maintain the listing on Euronext Milan. The majority of CNH stock trading has progressively shifted to the NYSE, indicating that the Company’s business profile and investor base fit better with a single US listing. Concentrating trading in one market should allow for increased liquidity and investor focus, while further simplifying the company profile and compliance requirements.
CNH’s Board of Directors and its Senior Leadership Team are grateful to Euronext Milan for having been our secondary listing venue for more than 10 years and are excited about the Company’s continued presence on the NYSE.
Goldman Sachs & Co. LLC is acting as financial advisor to CNH.
CNH Industrial (NYSE: CNHI) is a world-class equipment and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its global and regional Brands. Globally, Case IH and New Holland Agriculture supply 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment deliver a full lineup of construction products that make the industry more productive. The Company’s regionally focused Brands include: STEYR, for agricultural tractors; Raven, a leader in digital agriculture, precision technology and the development of autonomous systems; Hemisphere, a leading designer and manufacturer of high-precision satellite-based positioning, and heading technologies; Flexi-Coil, specializing in tillage and seeding systems; Miller, manufacturing application equipment; Kongskilde, providing tillage, seeding and hay & forage implements; and Eurocomach, producing a wide range of mini and midi excavators for the construction sector, including electric solutions.
Across a history spanning over two centuries, CNH has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH’s 40,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.
For more information and the latest financial and sustainability reports visit: cnh.com
For news from CNH and its Brands visit: media.cnhindustrial.com
Media contacts:
| Rebecca Fabian | Alex Ellis |
| North America | United Kingdom |
| Tel. +1 312 515 2249 | Tel. +44 (0)758 106 1696 |
Forward-looking statements
All statements other than statements of historical fact contained in this press release, including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward looking statements also include statements regarding the future performance of CNH Industrial and its subsidiaries on a standalone basis. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by the war in the Ukraine; the duration and economic, operational and financial impacts of the global COVID-19 pandemic; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH Industrial and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.
Forward-looking statements are based upon assumptions relating to the factors described in this press release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward- looking statements as a result of a number of risks and uncertainties, many of which are outside CNH Industrial’s control. CNH Industrial expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH Industrial, including factors that potentially could materially affect CNH Industrial’s financial results, is included in CNH Industrial’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”).
All future written and oral forward-looking statements by CNH Industrial or persons acting on the behalf of CNH Industrial are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.
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