CNH Industrial Launches First Tranche of $300 Million Share Buyback Program | New
London, September 19, 2022
CNH Industrial NV (NYSE: CNHI / MI: CNHI) announces the launch of an initial $50 million share repurchase tranche (the “Tranche”) under its $300 million share repurchase program previously announced on July 29, 2022 (the “Program”). Subject to market and general trade terms, the program is intended to last until purchases up to $300 million are completed or October 12, 2023, at the earliest. Funded from the Company‘s cash, the program aims to optimize the Company’s capital structure and enable the Company to meet obligations arising from existing stock incentive plans.
The program follows the €100 million share buyback program, which ended on September 14, 2022.
CNH Industrial has entered into a non-discretionary agreement with a financial intermediary to carry out this first Tranche of the Program. Pursuant to this agreement, purchases may continue during the Company’s shutdown periods in accordance with applicable regulations. Purchases will be executed on Euronext Milan and Multilateral Trading Facilities (MTF) in accordance with the Market Abuse Regulation and the terms and conditions of the existing authorization granted by the General Meeting of Shareholders of April 13, 2022.
The actual timing, number and value of ordinary shares repurchased on Euronext Milan will depend on a number of factors, including the terms and conditions of the agreement with the financial intermediary and general market and business conditions.
CNH Industrial will provide weekly updates on the progress of the program via a press release and its website bit.ly/CNHI_Buyback.
As of September 16, 2022, the Company currently holds 16,214,663 common shares in cash.
CNH Industrial(NYSE: CNHI / MI: CNHI) is a world-class equipment and services company. Driven by its purpose to innovate, which focuses 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. Worldwide,HI caseandNew Holland Agricultureprovide 360° agricultural applications, from machines to tools, and the digital technologies that enhance them; andCASEandNew Holland construction equipmentto offer a complete line of construction products that make the industry more productive. The Company’s regional brands include:STEYRfor agricultural tractors;Ravenleader in digital agriculture, precision technologies and the development of autonomous systems;Flexi Coilspecialized in tillage and seeding systems;Millermanufacture of application equipment;Kongskilde, providing tools for tillage, seeding and haymaking and forage; andEurocomach,producing a wide range ofmini and midi excavators for the construction sector, including electrical solutions.Throughout a history of more than two centuries, CNH Industrial has always been a pioneer in its sectors and continues to innovate with passion and drive the efficiency and success of its customers. As a truly global company, CNH Industrial’s more than 37,000 employees are 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:cnhindustrial.com
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