Fiat Industrial announces name of merged company

Fiat Industrial says new merged company to be called CNH Industrial

Associated Press

MILAN (AP) -- Fiat Industrial says the new company created from a merger with its U.S. subsidiary CNH Global N.V. will be called CNH Industrial N.V.

The Italian maker of heavy trucks, farm and construction vehicles based in the northern city of Turin announced the name Tuesday.

The merger is expected to be completed by the third quarter, with votes by shareholders of both companies scheduled for July.

CNH Industrial N.V. will be legally based in the Netherlands, and Fiat is looking to move its tax home to Britain, which has a lower corporate tax rate than Italy.

Besides CNH, Fiat Industrial comprises the truck and heavy vehicle company Iveco and FPT Industrial powertrains. CNH, based in the Chicago suburb of Burr Ridge, Illinois, sells farm and construction equipment.

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