CNH Industrial N.V. announced the appointment of Hubertus M. Mühlhäuser as Chief Executive Officer, effective Sept. 17, 2018. To be based at the company's Burr Ridge, Chicago offices, he brings extensive leadership experience at multinational industrial companies, a deep knowledge of the agriculture and construction sectors as well as strategic expertise.
The company anticipates convening an extraordinary shareholders meeting seeking shareholder approval for the appointment of Mühlhäuser to the company’s board of directors.
Mühlhäuser joins the company from Welbilt Inc., where he was Director, President and CEO since 2015. Prior to this, he worked at AGCO Corporation, heading its EMEA and Asia Region businesses as well as its global engine division. He also held the position of Senior Vice President of Strategy and Integration for AGCO. Before joining Welbilt Inc., he dedicated two years to his family business, the tunneling specialist Mühlhäuser Holding Ltd., where he has been Non-Executive Chairman since 2015. He started his career at Arthur D. Little Inc., where he was the Global Head of the Strategy & Organization practice and a Member of the Global Executive Team.
“The Board is delighted at the appointment of Hubertus Mühlhäuser, given the wealth of international experience he will bring to the role combined with his passion for, and experience in, many of the industries in which we operate,” said Suzanne Heywood, Chairman, CNH Industrial N.V.
“My personal thanks and those of the Board go to Derek Neilson, who has been our interim CEO during a challenging period, for his guidance and oversight. Derek will continue in his role of Chief Operating Officer, EMEA Region and President, Commercial Vehicles Products Segment,” she said.
CNH Industrial also announced its wholly owned subsidiary, CNH Industrial Capital LLC, has priced $500 million in aggregate principal amount of 4.200% notes due 2024, with an issue price of 99.701%. The offering is expected to close on August 14, 2018.
The notes, which are senior unsecured obligations of CNH Industrial Capital LLC, will pay interest semi-annually on January 15 and July 15 of each year, beginning on January 15, 2019, and will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC, each a wholly owned subsidiary of CNH Industrial Capital LLC. The notes will mature on January 15, 2024.
CNH Industrial Capital LLC intends to add the net proceeds from the offering to its general funds and use them for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets in the ordinary course of business. The net proceeds may also be applied to repay CNH Industrial Capital LLC's indebtedness as it becomes due.
CNH Industrial Capital LLC is an indirect wholly owned subsidiary of CNH Industrial N.V. and is headquartered in Racine, WI. As a captive finance company, the primary business of CNH Industrial Capital LLC and its subsidiaries is to underwrite and manage financing products for end-use customers and dealers of CNH Industrial America LLC and CNH Industrial Canada Ltd. and provide other related financial products and services to support the sale of agricultural and construction equipment sold by CNH Industrial North America.