CNH Industrial to temporarily shut several plants in Europe on supply disruptions

CNH Industrial to temporarily shut several plants in Europe on supply disruptions

Stock Markets21 minutes ago (Oct 13, 2021 06:11PM ET)

(C) Reuters. FILE PHOTO: Flags with CNH Industrial logo are pictured outside CNH Industrial building in Turin, Italy, February 5, 2020. REUTERS/ Massimo Pinca/File Photo

(Reuters) – Italian-American vehicle maker CNH Industrial (NYSE:CNHI) NV said on Wednesday it will temporarily shut several of its European agricultural, commercial vehicle and powertrain manufacturing facilities due to the disruptions of procurement of components, including semiconductors.

The maker of farm machinery, Iveco commercial vehicles, construction equipment and powertrains plans to shut the concerned plants for eight working days this month, it said in a statement, adding that it is constantly reviewing its production schedules.

Automakers around the world are grappling with the shortage of semiconductor chips amid a post-pandemic rise in demand, forcing several companies to reduce the pace of production in recent months.

Besides, some carmakers have warned the chip crisis will drag on into 2022 with earlier industry hopes of a quick resolution long since dashed.

CNH Industrial to temporarily shut several plants in Europe on supply disruptions

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!