CNH Industrial Buys Machine Vision Company Augmenta For $110M - CNH Industrial (NYSE:CNHI)

CNH Industrial NV CNHI has agreed to acquire Augmenta Holding SAS, a machine vision company, for an enterprise value of $110 million, subject to customary adjustments.
CNH Industrial held an existing 10.5% minority stake in the business prior to the transaction. Closing is expected to occur 1Q23.
This purchase accelerates the growth of CNH Industrial's innovative Sense & Act technology.
"Our work with Augmenta has brought increasing benefits to our customers' operations. What began as a minority investment in their potential, now culminates in us adding this proven tech excellence directly to our sprayer offering," stated Derek Neilson, President Agriculture at CNH Industrial.
Augmenta will operate within Raven brand, as a subset of precision technology portfolio. It will maintain its existing employees and offices in Greece and the U.S.
CNHI plans to fund the deal with available cash on hand. It held cash and equivalents of over $5 billion as of Dec. 31, 2022.
Price Action: CNHI shares are trading lower by 1.56% at $15.19 premarket on Monday.
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