CNH Global suspends Iran sales
Milan, May 26, 2012
CNH Global, a leading Italian group majority-owned by Fiat Industrial group, said it has suspended sales to Iran, other than those required to fulfill binding contracts, in a move to support international diplomatic efforts.
A leading farm and construction equipment maker, CNH's operations are organized into three business segments - agricultural equipment, construction equipment and financial services.
The move comes following the annoucement by Fiat Industrial and affiliate Fiat SpA calling for suspension of its commercial ties with Iran.
CNH said its subsidiaries will no longer carry out business related to products or components where Iran is the end destination.
These sales have been 'totally immaterial in a quantitative and qualitative sense' and made for commercial and civilian use only, the company said in a statement.
The Italian industrial giant pointed out that its companies would not lose much sales as 'over the last few years the sales to the country had not been significant.'
Fiat and its industrial arm, which makes buses and agricultural machinery, released two separate statements to support 'the efforts of international diplomacy to find a diplomatic solution to the issues relating to Iran.-Reuters