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[1].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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