LS

Executives of LS Mtron clapping in celebration after signing the global partnership MOU with CNH Industrial (LS Mtron CEO Jae-ho Shin is standing at the center)

Executives of LS Mtron clapping in celebration after signing the technical alliance agreement with CNH Industrial (Executive Director Sang-min Lee of the LS Mtron Tractor Business HQ is standing at the center)

■ Plan to jointly develop and launch competitive compact products desired by customers in global market at opportune times
■ LS Mtron has been the OEM supplier for compact tractors below 60HP for CNH Industrial since 2009, and total sales as of 2023 are projected to exceed 1.4 trillion won (approx. 100,000 units)
■ LS Mtron CEO Jae-ho Shin: “This is a meaningful contract that transitions the two companies towards a global partnership surpassing the OEM partnership LS Mtron had with the world’s second largest agricultural machinery manufacturer CNH Industrial…LS Mtron will continue to expand the current agricultural machinery business to evolve into an infrastructure enterprise specializing in agriculture, and this contract will be the first step in that journey.”

LS Mtron (CEO Jae-ho Shin),LS Group’s industrial machinery and advanced parts manufacturer, announced on November 7 that the company has signed a global partnership MOU and technical alliance agreement with the world’s second largest agricultural machinery manufacturer, CNH Industrial, to further expand their longstanding partnership.

The agreements signed between the two companies stemmed from the decision to fundamentally resolve matters involving risks in the global distribution network and market needs, which were verified through the COVID-19 pandemic.

The two companies are planning to actively utilize their respective technological capabilities and infrastructure to jointly develop competitive compact products desired by customers and launch them in the global market at opportune times, and LS Mtron has further cemented its vision to grow into the top brand in the global market by reinforcing its partnership with CNH Industrial until 2035.

LS Mtron has been the OEM supplier of compact tractors below 60HP for CNH Industrial since 2009, after starting out in Australia and Southeast Asia.it is currently supplying products to the markets in developed countries, including in North America and Europe,and total sales are projected to exceed 1.4 trillion won (approx. 100,000 units) as of 2023. Through these agreements, the partnership between the two companies will expand further and LS Mtronwill continue to grow into a world class manufacturer in the quickly-changing global market by applying the global infrastructure and future technology of CNH Industrial. In addition, the two companies agreed to cooperate in developing various compact tractor products required by CNH Industrial, and to utilize the distribution networks of the two companies to further increase their market share in the global market.

CNH Industrial is a global manufacturing business in the agriculture and construction industries based in the UK, and achieved annual sales of USD 18 billion (2022) in the agricultural machinery sector. Recently, CNH Industrial has acquired shares in Raven Industries based in North America, which manufactures key products related to precision agriculture, and Monarch Tractor based in North America, which manufactures the industry-leading autonomous electric tractors, as the company transforms into an enterprise that leads the future of agriculture technology.

LS Mtron CEO Jae-ho Shin revealed, “This is a meaningful contract that transitions the two companies towards a global partnership surpassing the OEM partnership LS Mtron had with the world’s second largest agricultural machinery manufacturer, CNH Industrial.” Headded, “LS Mtron will continue to expand the current agricultural machinery business to evolve into an infrastructure enterprise specializing in agriculture, and this contract will be the first step in the journey.”