Kobelco Construction Machinery Co., Ltd.

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CNH sells 70% of construction equipment business to Kobelco

Buyer of 70% and future operating manager of the joint venture

CNH Industrial is selling 70% of its construction equipment business to Kobelco Construction Machinery, a unit of Japan's Kobe Steel, for $700 million in cash. The price values the whole business at $1 billion and leaves CNH with a 30% stake it cannot sell for three years.

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