The vote does not call a strike, but instead gives the union the ability to call a strike on the workers’ behalf should they feel it necessary.

The union’s contract covering Case IH workers will expire on April 30, 2022. s

CNH Industrial has also announced it has completed its purchase of 90 percent of the capital stock of Sampierana S.p.A., an Italian company specializing in earthmoving machines, undercarriages and spare parts.

The acquisition of the remaining 10 percent will occur over the next four years.

Source: CNH

The company also said in its second-quarter earnings report that the order book in agriculture more than doubled year over year for tractors, particularly in North America, and more than tripled for combines, with the strongest growth in North America and South America.

The company expects solid demand to continue across regions and segments and said that positive price realization will partially offset the impact of higher costs for materials and freight in the second half of the year.

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces the appointment of Scott W. Wine as Chief Executive Officer, effective January 4, 2021. As a proven leader with considerable international experience across a variety of industries, Mr. Wine has a track record of producing exceptional results.

Mr. Wine joins the Company from Polaris Inc. (NYSE: PII) where he was, since 2008, Chief Executive Officer and Chairman and CEO since 2013.

Prior to joining Polaris, Scott Wine held executive positions with United Technologies Corporation, Danaher Corp. and Allied Signal Corp., which became Honeywell International, Inc. after a 1999 merger. He also served as a United States naval officer. Mr. Wine brings extensive expertise in mergers and acquisitions in the U.S.A, Europe and Asia.

“The Board is delighted at the appointment of Scott Wine, given his broad industrial experience and strategic expertise,” said Suzanne Heywood, Chair and Acting Chief Executive Officer, CNH Industrial N.V. “Scott is committed to delivering the strategy that the company outlined at its Capital Markets Day in 2019, including the plan to spin-off its on-highway activities.”

Agriculture’s net sales totaled $2.5 billion in the second quarter of 2020, down 18% compared to the second quarter of 2019 (down 14% on a constant currency basis). The decrease was driven by lower industry volumes linked to the COVID-19 pandemic, primarily in Europe, partially offset by positive price realization.

With all plants and depots up and running by the end of the second quarter, CNH Industrial reported consolidated revenues of $5.6 billion, net income of $361 million and adjusted net loss of $85 million. Net debt of Industrial Activities at $2.3 billion, with positive free cash flow of $97 million helped by end-demand resuming in most markets and the Company’s cost reduction and cash preservation measures. CNH Industrial ended the quarter with strong available liquidity of $11.5 billion

Adjusted EBIT was $203 million, a $138 million decrease compared to the second quarter of 2019. Positive price realization, disciplined cost management and continued prioritization in research and development spending were more than offset by lower volume and mix and negative fixed cost absorption only partially mitigated by lower purchasing costs. Adjusted EBIT margin was 8.0% (11.0% in the second quarter of 2019).

The following is an extract from the “CNH Industrial 2020 second quarter results” press release. The complete press release can be accessed by visiting the media section of the CNH Industrial corporate website:  or consulting the accompanying PDF.

Financial results presented under U.S. GAAP

CONSOLIDATED RESULTS

• Consolidated revenues of $5.6 billion in the second quarter of 2020, down 26% compared to the second quarter of 2019 (down 23% at constant currency)
• Reported net income of $361 million (or $0.26 per share) in the second quarter of 2020 including a gain of $1,475 million from the remeasurement to fair value of the investment in Nikola Corporation (NKLA), partially offset by $840 million of non-cash impairment charges primarily related to the goodwill allocated to Construction, as well as asset optimization charges of $282 million, mainly as a result of the adverse COVID-19 impacts on used trucks final markets in Europe
• Adjusted net loss of $85 million in the second quarter of 2020 compared to adjusted net income of $430 million in the second quarter of 2019 
• Adjusted diluted earnings per share loss of $0.07 in the second quarter of 2020 compared to adjusted diluted earnings per share of $0.31 in the second quarter of 2019
• On June 15, Fitch Ratings (“Fitch”) affirmed CNH Industrial N.V. and CNH Industrial Capital LLC’s long-term issuer default rating at “BBB-” and changed the outlook to stable from positive

INDUSTRIAL ACTIVITIES

• Net sales of $5.2 billion in the second quarter of 2020, down 27% compared to the second quarter of 2019 (down 24% on a constant currency basis), due to severe adverse COVID-19 impacts on supply chain and market conditions across all regions and segments
• Adjusted EBIT(2)(3) loss of $58 million in the second quarter of 2020 compared to adjusted EBIT of $527 million in the second quarter of 2019, strongly impacted by industry demand disruption, negative absorption caused by plant shutdowns and other actions to lower inventory levels, only partially offset by reduced selling, general and administrative expenses and deferral of certain research and development expenses not related to new product launches 
• Net debt at June 30, 2020 of $2.3 billion, in line with March 31, 2020 despite the adverse impacts of COVID-19, as a result of positive free cash flow of $97 million and a variety of cash preservation measures

COVID-19 RELATED MATTERS

• All plants and depots resumed activities in May 2020, with safety protocols in place
• Continued social distancing rules in place with a gradual return to the office for employees who are able to work from home
• Continued support to communities
• Financial Services offered payment deferrals and debt rescheduling to the Company’s customers and dealers

AGCO Reduces Production, Withdraws Guidance

AGCO said it “significantly reduced” production in several of its European facilities, largely due to material shortages and constraints in the European supply chain. It expects additional production disruptions in other regions over time.

AGCO also said it is withdrawing its sales, earnings and other guidance in response to uncertainty related to the virus.

Deere Halts Production in Brazil, Withdraws Guidance

Deere indefinitely suspended operations at two facilities in Brazil last week. Its domestic operations continue with modifications.

It temporarily closed its plant in Dubuque to disinfect the operation after an employee tested positive.

The company also withdrew its financial outlook for 2020. It urged its suppliers to create operational and contingency plans to assure a robust supply chain.

Alamo Group Suspends Work in Europe, Briefly Closes U.S. Plant

Alamo Group closed factories in the U.K. and France with an expectation that work will resume in mid-April.

A factory in Wisconsin was closed to be professionally cleaned after an employee tested positive for COVID-19. The plant has since reopened.

CNHI Lays Off Workers Temporarily

Workers at a CNH Industrial plant in Burlington, Iowa, have been laid off for as long as four weeks.

The layoffs came after groups representing the United Auto Workers in Burlington and Racine, Wis., filed grievances related to safety concerns and the spread of COVID-19. CNHI said the layoffs were the result of a lack of work.

The company also suspended its assembly operations in Europe for two weeks.

ArcelorMittal Idles Blast Furnaces

Steel maker ArcelorMittal said it will idle blast furnaces in response to weakened demand in North America resulting from COVID-19.

The world’s largest steel maker by production said it would turn down a furnace at its Indiana Harbor Works, in East Chicago, Ind., and another at its Dofasco mill in Hamilton, Ontario. The company already had reduced production at several European mills. It also withdrew its 2020 financial outlook.

Supply Chains Shift Skyward

American Airlines launched its first cargo flight since 1984 last week in response to a ground freight system burdened by COVID-19 demands and a travel industry with too few fliers. Global carriers including Delta Airlines, Korean Airlines, and Qantas Airways are also running passenger aircraft as freight-only flights.

CNH Industrial expects “farmers’ sentiments in 2020 to gradually stabilize, despite a muted industry environment in the major markets in which the company competes, where soft commodity prices remain under pressure.”

The products will be marketed under the Ag-Bag by RCI brand name.
Ag-Bag began selling Silo Press products made in Germany in 1978 and eventually adapted the products for the U.S. In 1989, Ag-Bag bought the Silo Press business and patents. In 2004, Miller St. Nazianz bought Ag-Bag, and in 2014, CNH Industrial bought Miller and the Ag-Bag product line.

RCI focuses on hay and forage equipment for commercial operations and offers engineering and manufacturing services to OEMs of agricultural equipment.

RCI has worked with Ag-Bag products since 2011 by performing engineering and prototype manufacturing services for the product line. All operations for Ag-Bag will relocate from St. Nazianz, Wis., to Mayville, Wis.