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MILAN, Nov 7 (Reuters) - Farm and construction equipment maker CNH Industrial (CNHI.MI) said on Tuesday its plan to abandon the Milan stock market and retain a single listing for its shares on the New York Stock Exchange would be effective from Jan. 2 next year. The Italian-American group, whose shares are currently traded both on the NYSE and in Milan, earlier this year announced a plan to abandon its Italian listing. CNH said in a statement on Tuesday that the Milan Stock Exchange had approved an application it filed to delist its ordinary shares from Milan bourse and had set the Jan. 2 date for when a NYSE single listing will be effective. As part of its New York single-listing plan, CNH announced a new share buyback program worth up to $1 billion. Since it spun-off its truck and bus unit in January 2022, now separately listed as Iveco Group (IVG.MI), the majority of CNH stock trading has progressively shifted to NYSE, the company said.
Persons: CNH, Goldman Sachs, Giulio Piovaccari, Alvise Armellini, Keith Weir Organizations: MILAN, CNH, New York Stock Exchange, NYSE, Milan Stock Exchange, Milan bourse, Euronext Milan, Iveco Group, Milan, BNP, Thomson Locations: Milan, American, South America, York, Europe
CNH launches $1 bln buyback to support NYSE single listing plan
  + stars: | 2023-11-07 | by ( ) www.reuters.com   time to read: +2 min
MILAN, Nov 7 (Reuters) - Farm and construction equipment maker CNH Industrial (CNHI.MI) said on Tuesday it had approved a new share buyback program worth up to $1 billion as part of its plan to pursue single-listing in New York. The Italian-American group, whose shares are currently traded both at the NYSE and in Milan, earlier this year announced a plan to abandon its Italian listing. It is confident that single listing on NYSE would be effective at the beginning of January next year, it added. The new buyback program will run between Nov. 8 and March 1 and will be funded through the company's liquidity. Goldman Sachs is acting as financial advisor to CNH, while BNP Paribas is acting as co-advisor and buyback agent for the group in Europe.
Persons: CNH, Goldman Sachs, Giulio Piovaccari, Alvise Organizations: MILAN, CNH, NYSE, Euronext Milan, Milan bourse, Iveco Group, Milan, BNP, Thomson Locations: New York, American, Milan, Europe
As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .
Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown
Shares of SUV maker Fisker and truck maker Nikola Corp (NKLA.O), which reported early on Tuesday, fell 7% and 13%, respectively. Shares of Lucid, which makes luxury sedans, dropped 6% on Tuesday after its results late on Monday. Fisker lowered its annual production target to between 32,000 and 36,000 vehicles from its earlier target of 42,400 cars, blaming supply-chain issues and an "updated timing" for roadworthiness certification. The company, which started production of its Ocean SUV just in November and has $652.5 million in cash, also posted a larger-than-expected loss. For Nikola, cash burn came in at $240 million as it produced 63 vehicles.
Despite Nikola's problems, battery electric trucks developed by the venture based in Ulm, Germany are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen trucks are expected to hit the road next year. As part of the agreement, Iveco will focus on Europe for the further development and commercialisation of its own battery electric (BEV) and fuel cell (FCEV) electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares. Iveco will retain a "meaningful" amount of Nikola shares, they said.
MILAN, May 9 (Reuters) - Italy's Iveco Group (IVG.MI) has agreed to buy the full ownership of its joint venture with U.S. start-up Nikola (NKLA.O) developing battery electric and fuel cell heavy-duty trucks for 44 million euros ($48 million), it said on Tuesday. Battery electric (BEV) trucks developed by the JV are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen hybrid (FCEV) trucks are expected to hit the road next year. As part of the agreement announced on Tuesday, Iveco will focus on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares.
Electric heavy truck maker Nikola said that it's "refocusing the company on North America" as it exited a European joint venture with its chassis supplier. Adjusted loss per share: 26 cents, versus 26 cents expected. 26 cents, versus 26 cents expected. Revenue: $11.1 million, versus $12.5 million expected. While it expects the fuel-cell truck to become its primary product, it will continue to build battery-electric trucks to order after production of the fuel-cell truck begins, it said.
[1/3] Tristan Thomas, CEO of Packfleet, demonstrates charging an electric van made by Chinese brand Maxus at the fully-electric package delivery firm's headquarters in London, Britain, October 27, 2022. Packfleet grew tenfold in 2022 and CEO Tristan Thomas said most of the company's 53-vehicle fleet are Maxus vans. SAIC said it sold 18,000 mostly electric Maxus brand vehicles in Western Europe and Scandinavia last year, including buses and pickup trucks. Fleet manager Sean Clifton has 50 additional Ford vans and 20 Maxus vans on order, but will need more soon as Asda electrifies its 1,300 delivery vans. There is no difference in delays for conventional and electric vans at Renault, said commercial vehicle marketing director John Cleworth.
Its adjusted operating profit rose 45% to 18.4 billion Swedish crowns ($1.76 billion) for the January-March quarter, well above the 12.9 billion expected by analysts polled by Refinitiv Eikon. Volvo's preliminary net sales for the quarter rose to 131.4 billion crowns from 105.3 billion and topped the 118.6 billion expected by analysts. Net sales in the truck segment rose to 89.6 billion crowns from 69.6 billion, beating a forecast of 79.7 billion. The division's operating profit jumped to 12.7 billion from 8.7 billion while analysts expected a decline to 8.4 billion. ($1 = 10.4303 Swedish crowns)Reporting by Terje Solsvik; editing by Sonali Paul and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
CNH Industrial agrees to buy Hemisphere GNSS for $175 mln
  + stars: | 2023-03-30 | by ( ) www.reuters.com   time to read: +1 min
MILAN, March 30 (Reuters) - CNH Industrial (CNHI.MI) said on Thursday that it had agreed to buy Hemisphere GNSS, a high-performance satellite positioning technology company, for $175 million to improve automation in its agriculture and construction businesses. Just before that, in 2021, it bought U.S.-based Raven for $2.1 billion to consolidate its presence in the precision farming segment. "Combined with our Raven Brand's capabilities, this development gives us full control of our precision and navigation technologies," CNH said with reference to the deal announced on Thursday. CNH said Hemisphere's core technology capabilities included application-specific integrated circuit chips, circuit boards, radio frequency signal processing, navigation algorithms and satellite-based correction designs. Hemisphere will continue to operate as a standalone business through its operations in the U.S., Canada and Australia, CNH said.
The EU has progressively tightened limits since "Euro 1" in 1992. The Commission's proposal widens real-driving emissions (RDE) testing and adds continuous testing of emissions via an on-board monitoring system. Euro 7 would take effect in mid-2025 for cars and in mid-2027 for trucks and buses. The European Commission estimates Euro 7 could add up to 150 euros to car prices and 2,600 euros for trucks and buses. A Commission spokesperson declined to comment on executives' statements, but said Euro 7's real-driving emissions tests were important because of "scandals in the past about cheating devices".
Ford, which leads the commercial vehicle market in both Europe and the United States, launched the system in 2021. Hans Schep, European head of Ford Pro, the company's commercial vehicle business, said it is already close to hitting long-term targets of increasing vehicle "up time" by up to 60%. Ford recently announced engineering job cuts in Europe, but is still hiring software experts for its data services. Data is a huge battleground for commercial vehicle makers and competition will only intensify with electric models, which are essentially computers on wheels. Starting with 2024 models, GM will provide a range of OnStar data services free for fleet vehicles.
Nikola will begin offering an advanced driver-assist system on its electric heavy trucks starting late next year, the company said Wednesday. But a Nikola representative told CNBC the system as it will be integrated into the company's semitrucks is designed to be an "eyes-on-road, hands-on-wheel" system. Plus already provides the PlusDrive system to Italian heavy-truck maker Iveco, a longtime Nikola partner. Nikola said that several of its fleet customers, including PGT Trucking and Christenson Transportation, have agreed to test prototype PlusDrive-enabled Nikola semitrucks. Clarification: Plus's advanced driver-assist system as integrated into Nikola's semitrucks is designed to be an "eyes-on-road, hands-on-wheel" system, according to a company representative.
Nikola will begin offering an advanced driver-assist system on its electric heavy trucks starting late next year, the company said Wednesday. Plus already provides the PlusDrive system to Italian heavy-truck maker Iveco, a longtime Nikola partner. Iveco began testing its own PlusDrive-enabled trucks earlier this month. Nikola said that several of its fleet customers, including PGT Trucking and Christenson Transportation, have agreed to test prototype PlusDrive-enabled Nikola semitrucks. The company expects to begin offering PlusDrive on its regular production battery-electric and fuel cell trucks by the end of 2024.
But at a Friday meeting the commanders of the armed forces, Lula did not bring up the attack, according to a government official who witnessed the meeting. The armed forces' strategic plans to modernize its equipment included developing a nuclear-powered submarine contracted with France's Naval Group, a subsidiary of defense contractor Thales (TCFP.PA). GENIE OUT OF THE BOTTLEWhether a splurge on military hardware will help tamp down pro-Bolsonaro sentiment in the armed forces is open to question. "Lula wants this to go away as soon as possible," he added. "Starting to punish members of the armed forces for what happened may be legally the right thing to do but politically it would open a Pandora's box."
MILAN, Dec 12 (Reuters) - Ongoing talks over new job contracts in Italy for Stellantis (STLA.MI), Ferrari (RACE.MI), CNH Industrial (CNHI.MI) and Iveco (IVG.MI) will be extended into January, a union representative said on Monday. Gianluca Ficco of UILM union told Reuters talks, which where initially scheduled to end this week, would "predictably" continue next month, when unions and the four companies deal with key issues, including proposed salary increases. Stellantis was not immediately available for comment. Reporting by Giulio Piovaccari, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.
snapshotFEW NEWCOMERSOn the plus side, four companies joined the main Euronext Milan market this year, including truckmaker Iveco (IVG.MI), which was the result of a spin off. The situation is healthier for Euronext Growth Milan itself, a market dedicated to small and medium-sized enterprises with minimum access requirements. Over the past 20 years, the main market has lost 268 listed companies and gained only 185, according to Intermonte research published in March. In contrast, the less regulated SME market has attracted 263 listed companies and seen 68 delistings. CULTURAL ISSUEThe fact that there are relatively few listed companies has its roots in the country's history, said Andrea Beltratti, professor of Political Economy at Milan's Bocconi University.
MILAN, Oct 26 (Reuters) - Four auto groups believe pay increase requests proposed by Italian unions, including a 8.4% annual rise for next year, is too high, the UILM union said on Wednesday as talks got underway. The FIM-CISL, UILM, Fismic, UGLM and AQCF unions also requested wage increases of 4.5% for 2024 and 2.5% for 2025 to help workers recover purchasing power lost due to a Europe-wide spike in consumer price inflation. He added Stellantis considered the new contract it is discussing with unions a "valuable tool" to achieve its competitiveness ambitions in Italy. Unions and the companies have scheduled seven more meetings to be held between mid-November and mid-December. Reporting by Giulio Piovaccari Editing by Cristina Carlevaro, Mark Potter and David GregorioOur Standards: The Thomson Reuters Trust Principles.
MILAN, Oct 20 (Reuters) - Italy's unions will meet representatives of companies including carmakers Stellantis (STLA.MI) and Ferrari (RACE.MI) on Oct. 26 to start talks over wage increases, a senior official from the UILM union said on Thursday. On Wednesday FIM-CISL, UILM, Fismic, UGLM and AQCF unions said their delegates had approved a proposal presented last week by their leaders for new four-year contracts for most workers in Italy at Stellantis, Ferrari, Iveco (IVG.MI) and CNH Industrial (CNHI.MI). The proposal includes a request for a wage increase of 8.4% for next year to counter rising inflation. Register now for FREE unlimited access to Reuters.com RegisterThe meeting will be held next Wednesday morning in the northern city of Turin where Stellantis, Iveco and CNH Industrial have their Italian headquarters. Register now for FREE unlimited access to Reuters.com RegisterReporting by Giulio Piovaccari Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.
Stellantis logo is seen on the company's headquarters in Poissy near Paris, France, February 20, 2022. REUTERS/Gonzalo FuentesMILAN, Oct 19 (Reuters) - Italian union delegates on Wednesday approved a proposal presented by their leaders to seek a wage rise of 8.4% for next year at Stellantis, Ferrari, Iveco and CNH Industrial, setting the scene for formal talks with the industrial groups. Consumer prices rose 8.9% year on year in Italy in September and workers are seeking higher wages in response. Leftist union FIOM is not part of these talks and has presented its own separate requests. Register now for FREE unlimited access to Reuters.com RegisterReporting by Giulio Piovaccari; editing by Agnieszka Flak and Keith WeirOur Standards: The Thomson Reuters Trust Principles.
Factbox: Companies sell their businesses in Russia
  + stars: | 2022-10-10 | by ( ) www.reuters.com   time to read: +9 min
The logo of French tyre maker Michelin is seen at a company building in Boulogne-Billancourt, near Paris, France, August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoOct 10 (Reuters) - Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they seek to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. Below is a list of firms by sector that have sold their businesses in Russia:AUTOS** British car distributor Inchcape (INCH.L) sold its Russian business to local managementRegister now for FREE unlimited access to Reuters.com Register** Italian truck and bus maker Iveco (IVG.MI) transferred its 33% stake in its AMT truck assembly joint venture in Russia to a local partner** French tyre maker Michelin (MICP.PA) intends to transfer its activities in Russia to a new entity under local management by end-2022** French carmaker Renault (RENA.PA) sold its majority stake in Avtovaz (AVAZI_p.MM) to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow** MAN Truck & Bus and Scania, units of German truck maker Traton (8TRA.DE), expect to sell their sales companies in Russia to local partners along with Scania's Russian financing business by Q1 2023BANKS** Britain's HSBC (HSBA.L) agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin** France's Societe Generale (SOGN.PA) sold its Russian business Rosbank (ROSB.MM) to Interros Capital, a firm linked to Russian oligarch Vladimir PotaninCONSUMER ELECTRONICS** Swedish home appliance maker Electrolux (ELUXb.ST) transferred its business in Russia to local management** Its Electrolux Professional (EPROb.ST) branch also sold its Russian business to local management** Whirlpool (WHR.N) sold its Russian operations to Turkey's Arcelik (ARCLK.IS)ELECTRICAL COMPONENTS & EQUIPMENT** Finland's Boreo (BOREO.HE) sold its 90% stake in YE Russia to companies controlled by its current director Yrjö Pönni** U.S. industrial firm Emerson Electric (EMR.N) agreed to sell its Russia business to the local management** Finnish elevator maker Kone (KNEBV.HE) expects to close the sale of its Russian business to local management in Q4 2022** France's Schneider Electric (SCHN.PA) expects to close the sale its Russian unit to local management by end-2022** U.S. elevator maker Otis (OTIS.N) sold its Russia business to local investment firm Ice DevelopmentENERGY** French industrial gases producer Air Liquide (AIRP.PA) agreed to shift its Russian assets to local management, subject to regulatory approvals in Russia** Baker Hughes (BKR.O) agreed to sell its oilfield services business in Russia to local management, with closing expected in H2 2022** Italian utility Enel (ENEI.MI) sold its 56.43% stake in Enel Russia to Lukoil (LKOH.MM) and private fund Gazprombank-Frezia** Norway's Equinor (EQNR.OL) transferred assets of its Russian oil and gas joint ventures to state-owned partner Rosneft (ROSN.MM), and its 30% stake in the Arctic Kharyaga oilfield to state-controlled Russian operator Zarubezhneft** U.S. oilfield services firm Halliburton (HAL.N) sold its Russia operations to a management team made up of former employees** Oil major Shell (SHEL.L) sold its Russian retail and lubricants business to Lukoil** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis** Total Energies (TTEF.PA) sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and its 49% stake in Terneftegaz to joint venture partner NovatekFOOD & BEVERAGES** Finland's Atria (ATRAV.HE) sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo (GCHE.MM)** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding** Irish ingredients giant Kerry Group (KYGa.I) sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator** Fast food chain McDonald's (MCD.N) sold its Russian business to its licensee Alexander Govor** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi** Yum Brands (YUM.N) sold its Pizza Hut business in Russia to a local operator** Finnish food processing firm Raisio (RAIVV.HE) sold its consumer business in Russia to Copacker Agro** Finnish dairy producer Valio sold its Russian business to GK VelkomINDUSTRIAL MACHINERY** Polish measuring devices maker Apator's (APTP.WA) Powogaz unit divested its entire stake in Russia-based AO Teplovodomer** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, subject to approval by shareholders and regulatory approvals in Russi
The logo of Ferrari is seen in the headquarters as CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello, Italy, June 15, 2022. They cover almost 70,000 workers in Italy, two thirds of them at the former Fiat-Chrysler, which last year merged with France's PSA to create Stellantis, whose brands also include Peugeot and Jeep. Spokespeople for Stellantis and Iveco said they would not make any comment until unions have filed a formal request, in coming days or weeks. The Agnelli family's holding company Exor (EXOR.AS) is a major shareholder in carmakers Stellantis and Ferrari, truckmaker Iveco and agricultural and construction machine maker CNH Industrial. This is separate from a national contract for workers in other parts of the metal and mechanical sector.
The logo of Italian truck maker Iveco is pictured at the IAA truck show in Hanover, September 26, 2014. REUTERS/Fabian BimmerMILAN, Sept 19 (Reuters) - Italy's Iveco (IVG.MI) showcased on Monday a prototype of the hydrogen powered eDaily large van it has developed with Hyundai Motor (005380.KS), the first tangible outcome of a wider partnership between the two manufacturers. Iveco and South Korea's Hyundai Motor in March signed a preliminary deal to explore cooperating on shared vehicle technology, joint sourcing and mutual supply. read moreIn July, they said Iveco would equip its future hydrogen-powered buses in Europe with fuel-cell systems designed by Hyundai's hydrogen mobility brand HTWO. Iveco added that Hyundai was also considering sourcing opportunities from FPT Industrial in the area of next generation conventional powertrains for commercial vehicles.
Trei oameni răniți în urma unui accident la Orhei // FOTO
  + stars: | 2021-05-19 | by ( ) www.jurnal.md   time to read: 1 min
Sursa foto: politia.mdTrei oameni răniți în urma unui accident la Orhei // FOTOAccident grav, între două unități de transport, în dimineața zilei de astăzi, în apropiere de satul Peresecina. Potrivit poliției, accidentul s-a produs pe traseul R6 Chișinău Bălți, în direcția orașului Orhei. Asta după ce un bărbat în vârstă de 47 de ani, la volanul unui camion cu semiremorcă de marca Iveco, circula cu viteză excesivă și a derapat de pe traseu. În rezultat camionul a ieșit pe contrasens și a lovit lateral un Opel condus de un bărbat de 57 de ani, alături de care era și o femeie. În urma impactului persoanele s-au ales cu traume și au fost transportate de urgență la spital.
Organizations: Iveco, Opel Locations: Orhei, Chișinău Bălți
Oamenii legii au stabilit că un bărbat, în vârstă de 47 de ani, se afla la volanul unui camion de marca Iveco cu semiremorcă. Șoferul nu ar fi ținut cont de condițiile meteo, ar fi pierdut controlul volanului și a derapat de pe traseu. Ulterior s-a tamponat cu un Opel. La volanul mașinii se afla un bărbat de 67 de ani. În urma traumelor primite acesta și pasagera din mașină au fost transportați la Spitalul Raional Orhei.
Persons: semiremorcă . Organizations: Iveco, semiremorcă, Opel Locations: Orhei
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