Heavy trading marks New Holland debut
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Nearly 10 per cent of the shares in New Holland, the British-based tractor manufacturer, changed hands yesterday as trading began in New York following its $3.22bn (pounds 2bn) flotation by parent company Fiat of Italy.
In early trading the stock fell from the issue price of $21.50 to $21.12 as more than 12 million shares were traded.
Fiat, which formed New Holland in 1991 after taking over Ford's tractor business based at Basildon, Essex, sold 46.5 million shares representing 31 per cent of the company, raising just short of $1bn. The shares were priced in the middle of the indicated $20-$23 range.
New Holland is the biggest tractor manufacturer in Europe and the third- biggest in the US after John Deere and Case. It employs 19,000 world-wide, of which 2,400 are in Britain.
In addition to the Basildon plant, New Holland has its headquarters in Brentford, west London.
Last year the company made net profits of $258m on sales of $5bn.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments