As announced earlier, the agreement, which is in accordance with the European Commission's approval of the business merger of New Holland and Case Corporation late last year, includes design, manufacturing and commercial rights to the Case IH C, CX and MXc compact tractor lines in the European Economic Area (EEA) and in Switzerland. Outside of these areas in Europe, CNH will continue to sell these compact tractors under the Case IH brand and through its Case IH distribution network under a supply agreement with Landini.

Included in the agreement is the right to the McCormick brand name and a sublicense agreement allowing Landini to produce a differentiated line of the current mid-horsepower range of tractors made at the Doncaster plant. Following substantial modifications to the tractor, including the engine and design that will differentiate it from the current Case IH MX Maxxum line, Landini may, in the future, sell its own mid-horsepower tractor, under its own brand and through its own distribution network.

CNH retains the rights to the MX Maxxum tractor line, including the design and name. The MX Maxxum will continue to be sold exclusively through Case IH dealers worldwide. Case IH dealers will continue to source the MX Maxxum from Case IH, who has negotiated a supply agreement with Landini. CNH will continue to produce MX Maxxum tractors as well for distribution in other markets around the world.

The CNH tractor line will continue to include the Case IH CS and Steyr brand models of low and mid-range horsepower tractors that are produced at CNH's plant in St. Valentin, Austria, and marketed primarily in Europe.

With strong global brands, CNH is a leader in the agricultural equipment, construction equipment and financial services industries and had combined 1999 revenues of approximately $11 billion. CNH sells its products in 160 markets through a network of more than 10,000 dealers and distributors. CNH products are sold under the following brands: Case, Case IH, Fiatallis, Fiat-Hitachi, Link-Belt earth-moving equipment, New Holland, New Holland Construction, O&K and Steyr.