On March 30, 2023 CNH Industrial (CNHI.MI) announced its agreement to acquire Hemisphere GNSS, a satellite positioning technology company, for $175 million. This acquisition aimed to enhance automation within CNH's agriculture and construction sectors. The purchase price was preliminary, free of cash and debt, and funded through CNH's available cash. The deal involved acquiring Hemisphere GNSS from China's Beijing Unistrong (002383.SZ).

Earlier, CNH Industrial, an Italian-American conglomerate specializing in farm machinery and construction equipment, separated from its truck and bus manufacturing unit, now listed as Iveco Group (IVG.MI), to concentrate on its core sectors. In 2021, CNH had also acquired U.S.-based Raven for $2.9 billion (US$2.1 billion) to strengthen its position in the precision farming market. The integration of Hemisphere's technology with Raven's capabilities was expected to give CNH full control over its precision and navigation technologies.

Hemisphere GNSS specialized in advanced technology, including application-specific integrated circuit chips, circuit boards, radio frequency signal processing, navigation algorithms, and satellite-based correction designs. Post-acquisition, Hemisphere was to continue operating as a standalone business across its U.S., Canadian, and Australian operations.

The deal's closure was anticipated within the third quarter of the year, subject to approvals from Beijing Unistrong shareholders and compliance with Chinese legal and regulatory requirements.