CNH Industrial will purchase Hemisphere GNSS, advancing the construction equipment maker’s movement toward automated and autonomous solutions.
Hemisphere’s proprietary Global Navigation Satellite System (GNSS) solutions provide pinpoint accuracy for the agriculture, construction, mining, and marine industries, according to CNHI. Their core technology capabilities include application-specific integrated circuit chips, circuit boards, Radio Frequency signal processing, navigation algorithms and Satellite-Based Correction designs.
“This move enhances our automation and autonomy tech stack and broadens our talent pool,” said Marc Kermisch, chief digital & information officer at CNH Industrial, 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.”
Hemisphere will be integrated into CNHI Brands’ products and services. It will continue to operate as a standalone business via operations in the USA, Canada and Australia.
“Our team is excited to combine resources and talent with CNH Industrial,” said Farlin Halsey, Hemisphere president/CEO, in a statement. “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.”
The acquisition will cost about $175 million, free of cash and debt. Closing is expected to occur within the third quarter of 2023. Hemisphere is owned by Unistrong, a company incorporated in the People’s Republic of China, and closing will require shareholders’ approval as well as all mandatory regulatory approvals, including those required by the applicable laws and regulations of the People’s Republic of China.
Source: CNH Industrial
