CNH Industrial announced this week it was ending any support of its business activities in Russia.
The company had suspended supplying the market in March 2022, when Russia invaded Ukraine. Prior to this announcement, the company had maintained paying employee salaries and administrative expenses related to its corporate office in Moscow.
CNH says the divestiture amounts to a “total consideration of approximately US$60 million.”
The Moscow office managed the import and distribution of its products in Russia, regional business activities, and commercial financing, and included manufacturing sites for agricultural equipment and implements and construction equipment, and a parts depot. These sites employed approximately 200 employees, the company says.
For the fiscal year ending 2021, the last full year of operations, the Russian operations generated revenue of approximately US$380 million, representing 2% of the company’s consolidated revenue in 2021.