CNH Industrial is to split its on and off-highway businesses into two separate companies.

The Iveco van and truck business, along with Iveco Bus, Heuliez Bus and CNH Industrial’s powertrain business, will be listed as one company

As part of the ‘Transform 2 Win’ strategy, the Iveco van and truck business, along with Iveco Bus, Heuliez Bus and CNH Industrial’s powertrain business will be listed as one company, while the off-highway divisions of Case IH, Case Construction Equipment, New Holland, Steyr and Astra will make up the second listed business.

“The bold plan will lead to the creation of two new global leaders in their respective fields,” said Suzanne Heywood, chairperson, CNH Industrial.

CNH Industrial is also set to enter into a strategic partnership with US-based zero-emission heavy truck manufacturer Nikola. Nikola’s own zero-emission heavy trucks, powered by a hydrogen fuel cell and battery technology will be first to production, with the company contributing technologies for a European joint venture with CNH including fuel cells, e-axles, inverters, independent suspension and a range of other technologies.