CNH offices in Racine
CNH's parent company announced Monday it was spinning off its construction and agriculture manufacturing business into a separate business.
Fiat will "demerge" from CNH to focus on building a global auto market. Pending Fiat board approval, CNH will become part of the new Fiat Industries and sold separate from Fiat on the Milan stock exchange.
Here's a good story on today's announcement. The Wall Street Journal, Associated Press and other are also reporting Fiat's announcement.
An insider at CNH in Racine said it's unclear what this means for local business.
"This was unexpected," they said. "People here are still trying to digest."