CNH Industrial, Monarch Tractor agree electrification technologies deal

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Flags with CNH Industrial logo are pictured extracurricular CNH Industrial gathering successful Turin, Italy, February 5, 2020. REUTERS/ Massimo Pinca

MILAN, Nov 3 (Reuters) - CNH Industrial (CNHI.MI) said connected Wednesday it had entered into an exclusive, multi-year licensing statement for electrification technologies with Monarch Tractor, a U.S institution focused connected fully-electric autonomous tractors.

The woody marks a further measurement successful efforts by the Italian-American conveyance shaper to bolster its cultivation businesses, portion preparing to spin-off its lower-margin truck, autobus and motor operations.

CNH Industrial, which already owns a number involvement successful Silicon Valley-based Monarch Tractor, said successful a connection that electrification and instrumentality automation were cardinal elements of its strategy to go an adjacent stronger exertion person successful agriculture.

"We are assured that the caller pathways provided by Monarch volition rapidly fortify our competitory presumption successful sustainable precision farming," Chief Executive Scott Wine said.

No fiscal details of the statement were provided.

Earlier this twelvemonth CNH Industrial - the world's 2nd largest cultivation instrumentality shaper aft John Deere, operating nether the New Holland, Case IH and Steyr brands - struck a $2.1 cardinal woody to bargain Raven Industries (RAVN.O) to bolster its precision agriculture and autonomy operations. work much

The statement is based connected the motorboat of a scalable, modular electrification level for debased horsepower tractors, that volition beryllium developed crossed aggregate merchandise families successful the coming years, CNH Industrial said successful a statement.

"This statement besides furthers CNH Industrial's ongoing committedness to decarbonizing agriculture done alternate propulsion systems," it said.

"This concern allows CNH Industrial to heighten its electrification capabilities and to make caller electrical platforms much quickly," Equita expert Martino De Ambroggi said successful a note, adding much details connected the scope of the statement and electrification strategy were expected.

CNH Industrial volition implicit aboriginal adjacent twelvemonth a program to rotation disconnected and separately database nether the Iveco Group sanction its motortruck and autobus units on with its FPT motor division.

After the spin-off CNH, which is controlled by Exor (EXOR.MI), the holding institution of Italy's Agnelli family, volition clasp its operation instrumentality business.

Reporting by Giulio Piovaccari; Editing by Emelia Sithole-Matarise

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