CNH Industrial leaving Russia, sells local assets for $60 mln

MOSCOW. April 21 (Interfax) - CNH Industrial, one of the world's largest farm machinery makers, has announced its exit from Russia and the sale of its local assets for $60 million.

The company did not name the buyer in the statement it posted on its website.

CNH had a corporate office in the Moscow region through which it managed imports and distribution of its products until March 2022. Its operations in Russia also included manufacturing facilities for farm machinery and implements and construction equipment, and a parts depot.

The company's local businesses employed about 200 people. CNH said that it has continued to pay employee salaries and other administrative expenses in Russia up to the present.

CNH's Russian division generated revenue of about $380 million in 2021, representing 2% of the company's consolidated revenue that year. In the first quarter of 2022, CNH recorded charges of $71 million.

CNH's best-known brands are Case IH and New Holland. The group also includes the Iveco truck and bus brand.

CNH's leasing and factoring subsidiaries in Russia, CNH Industrial Financial Services Russia LLC and CNH Industrial Capital Russia LLC, were acquired in February by businessman Igor Kim's Expocap LLC. Kim, who has interests in the financial and construction sectors, also owns a chain of automobile dealerships with partners.