CNH Industrial (J.I. Case, 175 Years)
playerAI & Compute · Money & Finance
A 175-year-old farm-equipment maker laid off union workers during record profits and spent four times the savings buying back its own stock.
Who they are
CNH Industrial (the old J.I. Case company), controlled by the Agnelli family's Exor.
What they do
The engine reads it as a legacy industrial firm being hollowed out to funnel money to shareholders.
How it works
In 2024 it laid off 200+ unionized Racine workers despite record revenue, spent $652M on buybacks (four times the claimed cost savings), paid its CEO $18M (350 times a worker's $52K), and cut jobs right after a 260-day strike. Exor/Agnelli holds 26.9% of shares but 42.1% of the votes, with BlackRock and Vanguard also big holders, as the company pivots to a $60.3B AI-farming market.
Why it matters
The engine frames it as a 175-year industrial legacy being drained for shareholder extraction rather than reinvestment.
The engine's record — word for word
Report #62: 200+ unionized Racine workers laid off (2024) despite record revenue/profit. $652M buybacks (4x the cost reduction justification). CEO Wine $18M (350x worker $52K). Layoffs after 260-day strike = punitive. Exor/Agnelli 26.9% shares, 42.1% voting. Pivoting to AI autonomous farming ($60.3B market). BlackRock 9.6%, Vanguard 6.65%. 175-year industrial legacy hollowed for shareholder extraction.
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