London, March 30, 2023
CNH Industrial 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.