Basildon, October 12, 2023
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI)
confirms that it intends to conclude the sixth tranche of its $300
Million Buyback Program, with additional purchases equal to
approximately $21.8 million. The $300 Million Buyback Program was
announced on September 19, 2022 and was set to expire at the
earlier of either the completion of purchases up to $300 million or
on October 12, 2023. Funded by the Company’s liquidity, the Program
is intended to optimize the capital structure of the Company and
allow the Company to meet the obligations arising from the existing
equity incentive plans. The purchases will be executed on Euronext
Milan and on multilateral trading facilities (MTFs) in compliance
with applicable laws and regulations and the terms and conditions
of the existing authority granted by the general meeting of
shareholders on April 14, 2023. The actual timing, number and value
of common shares repurchased will depend on a number of factors,
including the market conditions prevailing from time to time. CNH
Industrial will continue to provide weekly updates on the progress
of the Program via a press release and its website
bit.ly/CNHI_Buyback. As of October 12, 2023, the Company holds
34,294,721 common shares in Treasury.
Forward-looking statements
All statements other than statements of
historical fact contained in this press release, including
competitive strengths; business strategy; future financial position
or operating results; budgets; projections with respect to revenue,
income, earnings (or loss) per share, capital expenditures,
dividends, liquidity, capital structure or other financial items;
costs; and plans and objectives of management regarding operations
and products, are forward-looking statements. Forward looking
statements also include statements regarding the future performance
of CNH Industrial and its subsidiaries on a standalone basis. These
statements may include terminology such as “may”, “will”, “expect”,
“could”, “should”, “intend”, “estimate”, “anticipate”, “believe”,
“outlook”, “continue”, “remain”, “on track”, “design”, “target”,
“objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”,
or similar terminology. Forward-looking statements are not
guarantees of future performance. Rather, they are based on current
views and assumptions and involve known and unknown risks,
uncertainties and other factors, many of which are outside our
control and are difficult to predict. If any of these risks and
uncertainties materialize (or they occur with a degree of severity
that the Company is unable to predict) or other assumptions
underlying any of the forward-looking statements prove to be
incorrect, including any assumptions regarding strategic plans, the
actual results or developments may differ materially from any
future results or developments expressed or implied by the
forward-looking statements. Factors, risks and uncertainties that
could cause actual results to differ materially from those
contemplated by the forward-looking statements include, among
others: economic conditions in each of our markets, including the
significant uncertainty caused by the war in the Ukraine; the
duration and economic, operational and financial impacts of the
global COVID-19 pandemic; production and supply chain disruptions,
including industry capacity constraints, material availability, and
global logistics delays and constraints; the many interrelated
factors that affect consumer confidence and worldwide demand for
capital goods and capital goods-related products; changes in
government policies regarding banking, monetary and fiscal policy;
legislation, particularly pertaining to capital goods-related
issues such as agriculture, the environment, debt relief and
subsidy program policies, trade and commerce and infrastructure
development; government policies on international trade and
investment, including sanctions, import quotas, capital controls
and tariffs; volatility in international trade caused by the
imposition of tariffs, sanctions, embargoes, and trade wars;
actions of competitors in the various industries in which we
compete; development and use of new technologies and technological
difficulties; the interpretation of, or adoption of new, compliance
requirements with respect to engine emissions, safety or other
aspects of our products; labor relations; interest rates and
currency exchange rates; inflation and deflation; energy prices;
prices for agricultural commodities and material price increases;
housing starts and other construction activity; our ability to
obtain financing or to refinance existing debt; price pressure on
new and used equipment; the resolution of pending litigation and
investigations on a wide range of topics, including dealer and
supplier litigation, intellectual property rights disputes, product
warranty and defective product claims, and emissions and/or fuel
economy regulatory and contractual issues; security breaches,
cybersecurity attacks, technology failures, and other disruptions
to the information technology infrastructure of CNH Industrial and
its suppliers and dealers; security breaches with respect to our
products; our pension plans and other post-employment obligations;
political and civil unrest; volatility and deterioration of capital
and financial markets, including pandemics, terrorist attacks in
Europe and elsewhere; our ability to realize the anticipated
benefits from our business initiatives as part of our strategic
plan; our failure to realize, or a delay in realizing, all of the
anticipated benefits of our acquisitions, joint ventures, strategic
alliances or divestitures and other similar risks and
uncertainties, and our success in managing the risks involved in
the foregoing.
Forward-looking statements are based upon
assumptions relating to the factors described in this press
release, which are sometimes based upon estimates and data received
from third parties. Such estimates and data are often revised.
Actual results may differ materially from the forward-looking
statements as a result of a number of risks and uncertainties, many
of which are outside CNH Industrial’s control. CNH Industrial
expressly disclaims any intention or obligation to provide, update
or revise any forward-looking statements in this announcement to
reflect any change in expectations or any change in events,
conditions or circumstances on which these forward-looking
statements are based. Further information concerning CNH
Industrial, including factors that potentially could materially
affect CNH Industrial’s financial results, is included in CNH
Industrial’s reports and filings with the U.S. Securities and
Exchange Commission (“SEC”), the Autoriteit Financiële Markten
(“AFM”) and Commissione Nazionale per le Società e la Borsa
(“CONSOB”).
All future written and oral forward-looking
statements by CNH Industrial or persons acting on the behalf of CNH
Industrial are expressly qualified in their entirety by the
cautionary statements contained herein or referred to above.
CNH Industrial (NYSE: CNHI /
MI: CNHI) is a world-class equipment and services company. Driven
by its purpose of Breaking New Ground, which centers on Innovation,
Sustainability and Productivity, the Company provides the strategic
direction, R&D capabilities, and investments that enable the
success of its global and regional Brands. Globally, Case
IH and New Holland Agriculture supply
360° agriculture applications from machines to implements and the
digital technologies that enhance them; and CASE
and New Holland Construction Equipment deliver a
full lineup of construction products that make the industry more
productive. The Company’s regionally focused Brands include:
STEYR, for agricultural tractors;
Raven, a leader in digital agriculture, precision
technology and the development of autonomous systems;
Hemisphere, a leading designer and manufacturer of
high-precision satellite-based positioning and heading
technologies; Flexi-Coil, specializing in tillage
and seeding systems; Miller, manufacturing
application equipment; Kongskilde, providing
tillage, seeding and hay & forage implements; and
Eurocomach, producing a wide range of mini and
midi excavators for the construction sector, including electric
solutions.
Across a history spanning over two centuries,
CNH Industrial has always been a pioneer in its sectors and
continues to passionately innovate and drive customer efficiency
and success. As a truly global company, CNH Industrial’s 40,000+
employees form part of a diverse and inclusive workplace, focused
on empowering customers to grow, and build, a better world.
For more information and the latest financial
and sustainability reports visit: cnhindustrial.com
For news from CNH Industrial and its Brands
visit: media.cnhindustrial.com
Contacts:
Media RelationsEmail:
mediarelations@cnhind.com
Investor RelationsEmail:
investor.relations@cnhind.com
- 20231012_PR_CNH_Industrial_BuyBackProgram
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