CNH Global finalized a $5.6 million economic incentive package with the state of Wisconsin in November that will allow the company to build a tractor assembly plant near its Racine headquarters.
The plant, which will be at the same location as the company's transmission facility, will manufacture large row-crop tractors for domestic and foreign markets. CNH officials said the plant initially will employ about 125 workers.
In June, CNH announced it would close the current tractor plant as part of a worldwide consolidation of manufacturing operations. It was considering a consolidation of tractor manufacturing at other plants before announcing the agreement on the new incentive package.
In other CNH news, the company named Paolo Monferino to succeed Jean-Pierre Rosso as chief executive. Rosso, head of Case since 1994, will continue as chairman.
CNH also named former Fiat executive Michel Lecomte as chief financial officer and president of financial services, replacing Ted French, who resigned.
The company also posted a third-quarter loss of $64 million before goodwill and restructuring costs, blaming the weak euro, a change in its product mix and increased costs.