CNH BOARD ANNOUNCES PROPOSALS TO 2012 ANNUAL GENERAL MEETING OF SHAREHOLDERS
The Board of Directors of CNH Global N.V. (NYSE:CNH) met February 16, 2012 to agree on recommendations for the company's 2012 Annual General Meeting of shareholders. The Board has set the meeting...
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BURR RIDGE, IL -- (February 17, 2012) -- The Board of Directors of CNH Global N.V. (NYSE:CNH) met February 16, 2012 to agree on recommendations for the company's 2012 Annual General Meeting of shareholders. The Board has set the meeting date as April 3, 2012.
CNH Global N.V. delivered enhanced performance in 2011 as a result of strong agricultural equipment industry conditions and improving conditions in the construction equipment sector. Both the agricultural and construction equipment segments posted better year-over-year results, with construction equipment returning to profitability. CNH strengthened its competitive position and anticipates improved performance in the coming year. The Board has proposed that the Company maintain its prudent approach to balance sheet management in 2012 in order to foster the conditions for an improvement in the Company’s cost of capital and credit rating profile.
At the meeting yesterday, the Board finalized proposals to be put to the Company’s shareholders. Among the proposals was a recommendation that the shareholders re-elect the current directors and approve the appointment of a director candidate to the Board. The Board will recommend to the shareholders that the Company not declare a dividend in 2012.
The Board also approved the CNH 2011 Statutory Accounts that will be presented to shareholders at the upcoming Annual General Meeting.
The Board’s recommendations are subject to the approval of shareholders at the upcoming Annual General Meeting.
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by approximately 11,300 dealers in approximately 170 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed on the New York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary of Fiat Industrial S.p.A. (FI.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.