August 29, 2019 / 8:00 PM / 20 days ago

CNH Industrial considers spin-off of Iveco truck unit - source

MILAN, Aug 29 (Reuters) - Italian-American industrial vehicles maker CNH Industrial is considering a possible spin-off of its truck unit Iveco as part of a wider reorganisation plan, a source with knowledge of the matter said on Thursday.

The source said a spin-off is one of the most likely developments for Iveco, confirming a Bloomberg report on Thursday, but added that many aspects of the deal are yet to be defined.

The Iveco spin-off might be part of a wider reorganisation plan for CNH Industrial, which is expected to be announced during a presentation to investors scheduled for Sept. 3 in New York.

CNH Industrial - whose main shareholder is Exor, the holding group of Italy’s Agnelli family, which also controls Fiat Chrysler and premium sports car maker Ferrari - makes most of its profit from farming machinery, Iveco commercial vehicles, construction equipment and powertrains.

Reporting by Giulio Piovaccari, editing by Silvia Aloisi

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