Supporting U.S. Exports of Farm Equipment

Photo courtesy of CNH America LLC

CNH Global N.V. is a world leader in the manufacturing of agricultural and construction equipment. With the assistance of Ex-Im's long-term loan guarantees, the company's subsidiary, CNH America LLC, was able to arrange buyer financing for a series of four contracts for the sale of cotton-harvesting equipment to a Beijing-based company, Xinjian Agricultural Cultivation Group, totaling over $92 million. The most recent phase of the series was in August 2011 for $62.8 million. As a result of Ex-Im’s support, CNH expanded its plant in Benson, Minn., which added 50 jobs this year.

CNH America export sales worldwide were $1.7billion in 2010. Ex-Im Bank’s financing has helped CNH America substantially increase its export of cotton-harvesting equipment to China. These sales cover the first 330 units in a multi-purchase plan by the buyer to acquire 450 cotton harvesting machines. The contracts cover the machines, spare parts, transportation, training and related services. The machinery will be used at the Xinjian Agricultural Group’s farms in northwest China to harvest cotton, which will then be sold in the Chinese market.

CNH Global N.V. was formed in 1999 through the merger of New Holland NV and Case Corp. CNH unites two renowned international companies with roots dating back to the 1800s.