Smarteragricultural sprayer capabilitieslead to greater gains for farmers
London, March 13, 2023
CNH Industrial has purchased Augmenta to accelerate the growth of their innovative Sense & Act technology. Augmenta was a previous CNH Industrial Venturesinvestment and a strategic partner for CNH Industrial.
"Our work with Augmenta has brought increasing benefits to our customers' operations. What began as a minority investment in their potential, now culminates in us adding this proven tech excellence directly to our sprayer offering," said Derek Neilson, President Agriculture at CNH Industrial. "This is an important development for our Agriculture business that will further support our dealers bydifferentiating our equipment through value-added technology."
"Augmenta's technology willexpedite development of our broader 'Sense & Act' capabilities to create value for our customers," said Parag Garg, Chief Digital Product Officer. Sense & Act tasks are based on sensor-detected data during the spraying process, wherein protection solutions are applied to crops both before and after harvest. This technology gives machines selective spraying capabilities which precisely directs and regulates spray volume.
Augmenta's work in this area includes the development of a multispectral camera and software that monitors a machine's operating environment and acts directly via the machine. This increases yield for our customers, boosts sustainability by eliminating unnecessary chemical and fertilizer usage, and most importantly reduces application time, effort and input costs. Savings in herbicide, fungicide, plant growth regulators and fertilizer represent the largest value pool for this technology.
Augmenta will operate within our Ravenbrand, as a subset of our precision technology portfolio. It will maintain its existing employees and offices in Greece and the USA. CNH Industrial will acquire Augmenta Holding SAS at an enterprise value of $110 million, subject to customary adjustments. CNH Industrial held an existing 10.5% minority stake in the business prior to the transaction announced today, which will be funded with available cash on hand. Closing is expected to occur in the first quarter of 2023, subject to the satisfactory completion of customary closing conditions and receipt of regulatory approvals.
Forward-looking statements
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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"), the Autoriteit Financiële Markten ("AFM") and Commissione Nazionale per le Società e la Borsa ("CONSOB").
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CNH Industrial (NYSE: CNHI / MI: 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; 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 ofmini and midi excavators for the construction sector, including electric solutions.
Across a history spanning over two centuries, CNH Industrial 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 Industrial's 37,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.
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Attachments
- 20230313_PR_CNH_Industrial_Augmenta (https://ml-eu.globenewswire.com/Resource/Download/d4d9242c-424e-4b83-8179-4f9bbfbcd721)
- Augmenta_Sense_&_Act_Technology (https://ml-eu.globenewswire.com/Resource/Download/257ea345-4b14-49d8-9180-9241795ea773)
- Photo_Augmenta_CIH_Patriot (https://ml-eu.globenewswire.com/Resource/Download/0f0d4a91-f75a-49b4-997e-6443a5ed5d3f)
- Photo_Augmenta_NHAG (https://ml-eu.globenewswire.com/Resource/Download/a37bdf62-5fe6-49d4-9fd8-2779ff94fa8d)
