LS Mtron Signs Technology Cooperation Agreement with CNH Industrial, the World's Second Largest

"Growth as a World-Class Manufacturer... Leap to an Infrastructure Company"

LS Mtron announced on the 7th that it has signed a global partnership memorandum of understanding and a technology cooperation agreement with CNH Industrial, the world's second-largest agricultural machinery company. LS Mtron has been supplying compact tractors under 60 horsepower to this company as an OEM (Original Equipment Manufacturer) for 15 years, and this time they have signed an agreement covering global distribution network management and more.

Since 2009, LS Mtron has been supplying equipment to CNH Industrial, starting with Australia and Southeast Asia. As of this year, cumulative sales are expected to exceed 1.4 trillion KRW, with approximately 100,000 units supplied. CNH Industrial is a global agricultural and construction manufacturer headquartered in the United Kingdom. In the agricultural machinery sector, it achieved annual sales of 18 billion USD (approximately 23.4 trillion KRW) as of last year. Recently, it has been developing as a leading future agricultural technology company by acquiring stakes in Raven Industries, a North American precision agriculture manufacturer, and Monarch Tractor, the industry's top autonomous electric tractor manufacturer in North America.

Shin Jae-ho, President and CEO of LS Mtron (center front row), and employees applaud after signing a memorandum of understanding for a global partnership and a technical cooperation agreement with CNH Industrial.
[Photo by LS Mtron]

With this contract, LS Mtron plans to elevate the cooperation stage beyond the existing OEM equipment supply. They expect to develop into a global manufacturer by applying CNH Industrial's infrastructure and future technologies to compact tractors. They have set a vision to strengthen cooperation until 2035 and grow into the world's top brand. They plan to develop products required by CNH Industrial in a timely manner and cooperate to increase global market share by utilizing both companies' distribution networks.

Shin Jae-ho, CEO of LS Mtron, said, "The contract with CNH Industrial, the world's second-largest company, has evolved from OEM cooperation to a global partnership," adding, "This contract is the first step toward becoming an agricultural infrastructure specialist company."

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