CNH Industrial says the acquisition solidifies CNH's in-house precision, automation and autonomy technology and furthers its vertical integration efforts to deliver cutting-edge core technologies to its customers.

"With Hemisphere's expertise and network, we are accelerating our strategic plan to attain leadership in automation technology, expedite delivery of a fully autonomous farming cycle, and extend and enhance automation and autonomy across a broad range of agriculture and construction applications," CNH said in a statement released earlier this week.

"Bringing Hemisphere's talent and resources into CNH reflects the energy and momentum of our investments in tech innovation. From 2024 onwards, we will bring notable value to customers through significant advancements in our journey from automating certain tasks to fully autonomous operation," said Marc Kermisch, chief digital and information officer at CNH.