LS Mtron supplys tractors to world's No. 2 agricultural machinery firm

The deal worth $387 million is for 28,500 units over the next three years to CNH Industrial

LS Mtron's tractor Boomer 
LS Mtron's tractor Boomer 
Sung-Soo Bae 1
2022-12-05 15:08:25 baebae@hankyung.com
Companies

LS Mtron, the industrial machinery and core component arm of Korea's LS Group, on Monday said it concluded a contract worth 500 billion won ($387.4 million) to supply 28,500 tractors to Italian giant CNH Industrial, the world's second-largest agricultural machinery company.

LS Mtron from next year to 2025 will supply the tractors mostly for the major markets of North America and Europe.

The tractor is a multi-purpose piece of equipment mainly sold to hobby farmers in both markets or companies specializing in garden landscaping. The machine features user convenience, sustainable level of quality and an eco-friendly engine designated Stage V, a stringent European emissions standard for an off-road diesel engine.

Beginning in Australia and Southeast Asia in 2009, LS Mtron has supplied compact tractors of under 60 horsepower to CNH Industrial under the original equipment manufacturing method. The Korean company's cumulative sales this year are expected to exceed 1.2 trillion won spanning around 88,000 units.

CNH Industrial is an Italian world-class manufacturer of agricultural and heavy equipment headquartered in London, with annual sales of $14.7 billion last year in agricultural machinery.

Through this deal, LS Mtron said it secured a stable mid-term basis of supply despite fears over an economic downturn stemming from changes in the global environment.

North America, one of the top markets for agricultural machinery, has seen surging demand for small tractors, a specialty of LS Mtron, since the outbreak of the COVID-19 pandemic. The company added that its tractor sales are seeing major growth in Europe, a leading market for agricultural machinery technology.

CEO Shin Chai-ho said, "Based on securing stable orders, we will stress raising mid- to long-term growth momentum and plan to further expand sales in global markets such as North America, Europe and South America

Write to Sung-Soo Bae at baebae@hankyung.com
#LS Mtron #CNH Industrial #tractor #agricultural machinery #heavy equipment

Korean tractors plough more US soil

Korean tractors plough more US soil

Daedong’s dealers in North America If you google tractors or lawnmowers in the US, you may see products of Kioti by Daedong-USA, Inc., a subsidiary of South Korea’s No. 1 agricultural machinery maker Daedong Corp., at the top of the page. You may see websites for Kioti devices even

Korean agricultural machinery maker to expand US production

Korean agricultural machinery maker to expand US production

An aerial view of the TYM factory grounds in Georgia, US (Courtesy of TYM) South Korea’s major farm machinery maker is set to invest $20 million in manufacturing facilities in the US state of Georgia, to expand its business in the world’s second-largest agricultural producer.TYM Cor

Daedong makes S.Korea’s first self-driving tractor

Daedong makes S.Korea’s first self-driving tractor

Daedong's self-driving tractor HX 1400 (courtesy of Daedong) South Korea’s top tractor and farm machinery maker Daedong Industrial Co. has achieved the country’s first mass-production of self-driving tractors.Daedong on Mar. 25 launched two autonomous farm tractor models in its new

Korea’s tractor and farm machinery maker envisions smart mobility firm

Korea’s tractor and farm machinery maker envisions smart mobility firm

Daedong Industrial Co., South Korea’s leading tractor and farm machinery maker, aims to transform into a smart mobility company, applying autonomous driving and Internet of Things (IoT) technologies to its mechanized farming equipment.It is working to gain ground in North America, the wor
(* comment hide *}