Hemisphere GNSS to be Acquired
CNH Industrial has agreed to buy Hemisphere GNSS (Hemisphere), a global leader in high-performance satellite positioning technology that is currently owned by Unistrong, a company incorporated in the People’s Republic of China. This acquisition is a significant step forward for our automated and autonomous solutions for agriculture and construction. This advancement, when combined with the capabilities of our Raven Brand, gives us complete control over our precision and navigation technologies.
“This move strengthens our automation and autonomy tech stack and broadens our talent pool,” said Marc Kermisch, CNH Industrial’s Chief Digital & Information Officer. “With Hemisphere’s technology in-house, we will be able to accelerate a wide range of our precision technology programs, providing our customers with immediate productivity-boosting solutions.” It will also boost the long-term.
The agriculture, construction, mining, and marine industries benefit from Hemisphere’s proprietary Global Navigation Satellite System (GNSS) solutions, which provide pinpoint accuracy. The firm creates electronic systems and software solutions. Application-specific integrated circuit chips, circuit boards, Radio Frequency signal processing, navigation algorithms, and Satellite-Based Correction designs are among their core technology capabilities. It will continue to operate as a separate entity through operations in the United States, Canada, and Australia.
The expertise and network of Hemisphere will be integrated into the products and services of our Brands. This technology and product combination will help to provide customers with a better user experience in the field and on the job site.
“Our team is excited to join forces with CNH Industrial in terms of resources and talent. This allows us to improve our technology and product development in core GNSS, agriculture, construction, marine, and machine control markets, as well as directly integrate our technology with world-class CNH Industrial equipment “Farlin Halsey, President and CEO of Hemisphere GNSS, commented.
The acquisition price is tentatively set at $175 million, net of cash and debt, and subject to customary adjustments. It will be paid for with cash on hand. Closing is expected to take place in the third quarter of 2023, subject to the successful completion of all required closing conditions, including Unistrong’s shareholder approval and all mandatory regulatory approvals, including those required by People’s Republic of China laws and regulations.