CORDOBA, ARGENTINA - CNH, a Fiat Industrial company and global leader in the agricultural and construction equipment businesses, announced its plans to set up a local manufacturing site in Argentina for the production of combines and tractors destined for the Latin American market. The announcement was made following a meeting between the Chairman of Fiat Industrial Sergio Marchionne and Argentine President Cristina Fernández de Kirchner.

The initial investment of over US$ 100 million will include the launch of new, localized product lines and the expansion of the Fiat Industrial complex in Cordoba, Argentina. The new plant will encompass a total surface area of 78,000 sqm and will generate some 600 direct and 1,500 indirect jobs.

CNH plans to manufacture its most powerful class of combines with the latest technology and the highest productivity, as well as specialty tractors -- products which it does not currently build in Latin America. The machines will be equipped with FPT Industrial engines manufactured in the same area.

"Argentina will become a manufacturing hub in Latin America for these equipment lines," said Sergio Marchionne at the meeting. "This investment is key to our growth strategy in Latin America. It will provide more efficient access for Latin American customers to products that are currently imported and will also be positive for the Argentine economy."

CNH will manufacture equipment for both its agricultural brands. The launch of the localized product lines is expected to begin as early as the fourth quarter of 2011.