CNH Industrial NV (1.0% of net assets as of December 31, 2020) (CNHI, Financial) (CNHI – $12.84 – NYSE), with headquarters in London, England, and Burr Ridge, Illinois, is a global capital equipment manufacturer that was demerged from parent Fiat in 2013. CNHI is unique in that it has leading positions in a variety of global machinery markets. It is best known for its agricultural equipment business, consisting of Case IH, New Holland Agriculture, and Steyr brands. The company's other businesses include IVECO, a leading global truck and bus manufacturer, as well as Case and New Holland construction machinery. Finally, FPT Industrial provides engines and transmissions for the company's captive businesses, and also sells to other machinery manufacturers. The company's new CEO, Scott Wine, formerly of Polaris, is committed to CNHI's financial engineering plan by which it will separate its off highway business from its Truck and Engine business via tax free spin.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund fourth-quarter 2020 shareholder letter.
