CNH Industrial announced that it has agreed to acquire Hemisphere GNSS, a global leader in high-performance satellite positioning technology, currently owned by Unistrong, a company incorporated in the People’s Republic of China. The acquisition advances CNH’s automated and autonomous solutions for agriculture and construction, the company said. Combined with its Raven Brand’s capabilities, the acquisition gives the company full control of its precision and navigation technologies.
“This move enhances our automation and autonomy tech stack and broadens our talent pool,” said Marc Kermisch, chief digital & information officer, CNH Industrial. “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’s proprietary Global Navigation Satellite System (GNSS) solutions provide pinpoint accuracy for the agriculture, construction, mining and marine industries. The company designs Electronic Systems and Software solutions. Its core technology capabilities include application-specific integrated circuit chips, circuit boards, radio frequency signal processing, navigation algorithms and satellite-based correction designs. It will continue to operate as a standalone business via operations in the United States, Canada and Australia.
Hemisphere’s expertise and network will be integrated into the brands’ products and services. This combination of technology and product will contribute to providing customers with a superior user experience in the field and on the jobsite, the company said.
“Our team is excited to combine resources and talent with CNH Industrial,” said Farlin Halsey, president and CEO, Hemisphere GNSS. “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 price for the acquisition is preliminarily determined at $175 million, free of cash and debt, and subject to customary adjustments. It will be funded with available cash on hand. Closing is expect within the third quarter of 2023 subject to completion of closing conditions, including Unistrong’s shareholders’ approval and all mandatory regulatory approvals, including those required by China.