- CNH Industrial (NYSE:CNHI) is spinning off truckmaker Iveco as a separate business as part of a five-year plan to double its profit margin.
- The separate company will include Iveco, Iveco Bus and the Heuliez Bus commercial brands, along with its powertrain business.
- The remaining company will comprise of its tractor business and construction equipment divisions, as well as special vehicles such as firefighting trucks, with combined revenues of around $16B.
- "The bold plan will lead to the creation of two new global leaders in their respective fields," said CNH Chairwoman Suzanne Heywood.
- CNHI -2.7% premarket