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CNH Industrial to temporarily shut several plants in Europe on supply disruptions

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FILE PHOTO: The truck and tractor maker CNH Industrial NV releases Q4 and FY results
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(Reuters) - Italian-American vehicle maker CNH Industrial NV said on Wednesday it will temporarily shut several of its European agricultural, commercial vehicle and powertrain manufacturing facilities due to the disruptions of procurement of components, including semiconductors.

The maker of farm machinery, Iveco commercial vehicles, construction equipment and powertrains plans to shut the concerned plants for eight working days this month, it said in a statement, adding that it is constantly reviewing its production schedules.

Automakers around the world are grappling with the shortage of semiconductor chips amid a post-pandemic rise in demand, forcing several companies to reduce the pace of production in recent months.

Besides, some carmakers have warned the chip crisis will drag on into 2022 with earlier industry hopes of a quick resolution long since dashed.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by David Gregorio)

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