Exor, what CNH will do with the satellite technologies of the Chinese Hemisphere
Exor's CNH Industrial acquires Hemisphere, a high-performance satellite positioning technology company currently owned by China's Unistrong, for $175 million. Facts, numbers and insights
The shopping of Cnh Industrial continues, the Italian-American company of the Exor group that produces agricultural and construction machinery.
The company announced an agreement to acquire 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.
“The acquisition is a key step in the development of our automated and autonomous solutions for the Agriculture and Construction segments. The skills acquired will integrate with the capabilities of our Raven brand to guarantee us full control of precision and navigation technologies” explains Marc Kermisch, Chief Digital & Information Officer of CNH Industrial.
Early last year, CNH completed the Iveco spin-off project , to focus on agricultural and construction equipment. Shortly before, in 2021, it bought the US Raven, which develops technologies for precision agriculture, for 2.1 billion dollars.
And the recent transactions are part of this acceleration path on innovative technologies for agriculture: in mid-January, Cnh Industrial acquired a minority stake in the US agrotechnical company EarthOptics, which has developed a proprietary soil detection technology capable of accurately measure the health and structure of the soil, making use of ground sensors, satellites, physical soil sampling, self-learning models and agronomic techniques.
The transaction is expected to close in the third quarter of 2023, subject to approvals from Unistrong shareholders and all mandatory regulatory approvals, including those required by the laws and regulations of the People's Republic of China.
THE DETAILS OF THE TRANSACTION
As per the company's note, the acquisition consideration is preliminarily determined to be $175 million, net of cash and debt and subject to adjustments. The operation will be financed with available liquidity. In addition, Hemisphere will continue to operate as an independent company through its subsidiaries in the United States, Canada and Australia, but the company's expertise and network will be integrated into the products and services of the CNH Industrial brands.
WHAT HEMISPHERE DOES
Hemisphere's proprietary Global Navigation Satellite System (GNSS) solutions deliver pinpoint accuracy for agriculture, construction, mining and marine industries. The company designs electronic systems and software solutions and specializes in application-specific integrated circuit (ASIC) chips, printed circuit boards, radio frequency signal processing, navigation algorithms, and satellite-based correction systems.
“Our team is excited to share resources and talents with CNH Industrial. This will allow for the consolidation of our technology and product development of GNSS solutions for agriculture, construction and marine in key markets and to integrate our technology into CNH Industrial's world-class machines,” commented Farlin Halsey, President and CEO of Hemisphere GNSS.
CNH STRATEGY WITH HEMISPHERE
“Combined with the capabilities of our Raven brand, this development gives us full control over our precision and navigation technologies,” CNH said.
“Having Hemisphere's expertise in-house will allow us to develop and scale our precision technology more quickly, providing our customers with immediate solutions to increase productivity. The long-term result will be greater competitiveness and flexibility of our offer in the Agriculture and Construction segments. This transaction enhances our automation and autonomy technology portfolio and expands our talent pool,” added Marc Kermisch, Chief Digital & Information Officer at CNH Industrial.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/exor-cosa-fara-cnh-con-le-tecnologie-satellitari-della-cinese-hemisphere/ on Thu, 30 Mar 2023 13:41:05 +0000.