CNH Global suspends business activity, sales to Iran to support international diplomatic efforts to resolve issues with the country, company says
BURR RIDGE, Illinois
May 25, 2012
– CNH Global N.V. supports the international efforts for a diplomatic solution of the issues relating to the relations with Iran. In this respect, CNH announces that, effective immediately, its subsidiaries will no longer carry out business activity related to products or components where the ultimate destination of such products is known to be Iran, other than to the limited extent required to fulfill already existing binding obligations.
Sales to Iran based entities during past years by CNH's subsidiaries were totally immaterial in a quantitative and qualitative sense and any concerned products were sold for commercial and civilian use only.
CNH's subsidiaries having commercial relations with Iranian entities always conducted their businesses in compliance with all applicable laws and regulations, including those of the United Nations, European Union and Italy.
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by approximately 11,300 dealers in around 170 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed on the New York Stock Exchange (NYSE: CNH), is a majority-owned subsidiary of Fiat Industrial S.p.A. (FI.MI).