CNH Global N.V. last week announced that, effective immediately, its subsidiaries will no longer carry out business activity related to products or components where the ultimate destination is known to be Iran, other than to fulfill already-existing binding obligations.
Sales to Iran-based entities during past years by CNH’s subsidiaries were totally immaterial in a quantitative and qualitative sense and any concerned products were sold for commercial and civilian use only, the company said.
CNH’s subsidiaries having commercial relations with Iranian entities always conducted their businesses in compliance with all applicable laws and regulations, including those of the United Nations, European Union and Italy. CNH said it supports the international efforts for a diplomatic solution of the issues relating to the relations with Iran.
CNH Global N.V. is a world leader of agricultural and construction equipment.
