Iveco's defence products include the Light Multirole Vehicle. (Iveco)
Shareholders of UK-based conglomerate CNH Industrial have approved a plan to spin off ground vehicle manufacturer Iveco Group as a separate, publicly held company, CNH announced on 23 December.
Iveco will become a standalone entity on 1 January 2022, and its shares will begin trading on the Euronext Milan stock exchange under the “IVG” symbol two days later, CNH said. Shareholders will receive one Iveco share for every five CNH shares they own.
The new company will make defence and commercial vehicles, as well as buses and fire trucks. It will be based in Turin, Italy, and employ about 33,500 people in 36 countries. It aims to generate revenue of EUR16.5–17.5 billion (USD18.7–19.8 billion) in 2026, up from EUR11.8 billion in 2019. CNH executive Gerrit Marx will become Iveco's CEO.
CNH unveiled the “de-merger” plan in September 2019, saying Iveco could perform more effectively as an independent company. It had hoped to complete the process by early 2021 but was delayed by the Covid-19 pandemic.
Iveco's defence products include the Light Multirole Vehicle, the Medium Protected Vehicle, the Superav Amphibious Armoured Vehicle, and the High Mobility Truck. After the separation, CNH will focus on agriculture and construction.
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