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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) November 15, 1999
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CASE CREDIT CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
33-80775-01 76-0394710
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(Commission File Number) (I.R.S. Employer Identification No.)
233 Lake Avenue, Racine, Wisconsin 53403
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(Address of Principal Executive Offices) (Zip Code)
(262) 636-6011
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On November 15, 1999, CNH Global N.V. ("CNH"), the indirect parent of Case
Corporation, issued three press releases announcing its Board of Directors, its
senior management team and certain details regarding CNH's future operations.
These announcements are filed as exhibits hereto and are hereby incorporated by
reference. The financial services business of Case Corporation is provided
through Case Capital Corporation, including its wholly owned subsidiary Case
Credit Corporation and their subsidiaries and joint ventures.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
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99.1 Press Release of CNH Global N.V. dated November 15, 1999.
99.2 Press Release of CNH Global N.V. dated November 15, 1999.
99.3 Press Release of CNH Global N.V. dated November 15, 1999.
Form 8-K page 2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CASE CREDIT CORPORATION
Dated: November 16, 1999 By:/s/ Kevin J. Hallagan
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Kevin J. Hallagan
Vice President and Secretary
Form 8-K page 3
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INDEX TO EXHIBITS
Exhibit
No. Document Description
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99.1 Press Release of CNH Global N.V. dated November 15, 1999.
99.2 Press Release of CNH Global N.V. dated November 15, 1999.
99.3 Press Release of CNH Global N.V. dated November 15, 1999.
Form 8-K page 4
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EXHIBIT 99.1
PRESS RELEASE
[CNH letterhead]
News Release
For Immediate Release
CNH Names Board of Directors
For more Racine, Wisconsin (November 15, 1999) -- CNH (N:CNH),
information contact: the company formed by the merger of Case Corporation
and New Holland, announced its Board of Directors
Bill Masterson today, which includes a number of board members from
1.262.636.5793 the previous companies. The company, which is
incorporated in The Netherlands, began trading on
Jeffrey T. Walsh the New York Stock Exchange today as CNH.
44.181.479.8809
The nine-member board includes: Pei-yuan Chia, former
vice chairman, Citicorp and Citibank, N.A.; Alfredo
Diana, formerly the Italian Minister of Agriculture;
Katherine M. Hudson, president and chief executive
officer, Brady Company; Kenneth Lipper, chairman,
Lipper and Company, LP; James L.C. Provan, member of
the European Parliament; Paolo Cantarella, chief
executive officer, Fiat S.p.A.; Damien Clemont, chief
financial officer, Fiat S.p.A.; Jean-Pierre Rosso,
chairman and chief executive officer, CNH; and
Umberto Quadrino, co-chairman of CNH.
"We are pleased to have a very strong board that
demonstrates the company's commitment to creating
exceptional value for our shareholders," said Jean-
Pierre Rosso, CNH chairman and chief executive
officer. "With a broad range of background and
experience, this Board will provide outstanding
leadership and counsel as we move forward."
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CNH Board Members' Backgrounds
Chia served as a director of Case Corporation since
1997. He was previously vice chairman of Citicorp,
and its principal subsidiary, Citibank, N.A., between
1994 and 1996. Diana previously served as a director
of New Holland. Diana holds the following positions,
president of the Italian Federation of Cavalieri del
Lavoro; Italian governor of the International
Foundation of Agricultural Development; and president
of the National Council for Forests and Wood.
Hudson has served as a director of Case Corporation
since March 1996. She is president and chief
executive officer of Brady Company, a manufacturer of
coated and industrial identification products. Lipper
previously served as a director of New Holland since
October 1996. He is the chairman of Lipper and
Company, LP, a privately held investment management
and banking firm. Provan served as a director of New
Holland since April 1996. He is a member of the
European Parliament, where he has served on the
Agricultural and Rural Affairs Committee and the
Transport and Tourism Committee.
Cantarella served as a director of New Holland since
April 1996. He is the chief executive officer of the
Fiat Group. Clermont has been chief financial officer
of Fiat since July 1999. He also served as senior
vice president, Planning and Strategy of Fiat.
Rosso also serves as chief executive officer of CNH.
Prior to his position with CNH, Rosso served as
chairman and chief executive officer of Case
Corporation since June 1994. Quadrino previously held
the position of chairman, president and chief
executive officer and was a director of New Holland
since September 1996.
With strong global brands, CNH is a leader in the
agricultural equipment, construction equipment and
financial services industries and had combined 1998
revenues of approximately $12 billion. CNH is the
number one manufacturer of agricultural tractors and
combines in the world, the third largest maker of
construction equipment and has one of the largest
equipment finance companies in the world. Based in
the United States, CNH has operations in 16 countries
and sells its products in 160 markets through a
network of more
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than 10,000 dealers and distributors. CNH products
are sold under the following brands: Case, Case IH,
Fermec, Fiatallis, Fiat-Hitachi, Link-Belt, New
Holland, O&K and Steyr.
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EXHIBIT 99.2
PRESS RELEASE
[CNH letterhead]
News Release
For Immediate Release
CNH Names Senior Management Team
Steven G. Lamb Named President
and Chief Operating Officer
Ted R. French Appointed President, Financial Services
and Chief Financial Officer
For more Racine, Wisconsin (November 15, 1999) -- CNH (N:CNH),
information contact: the company created from the merger of Case
Corporation and New Holland, today announced that
Bill Masterson Steven G. Lamb has been named president and chief
1.262.636.5793 operating officer. In addition, Ted R. French was
appointed president, financial services, and chief
Jeffrey T. Walsh financial officer. In the May 1999 announcement in
44.181.479.8809 which the two companies agreed to merge, Jean-Pierre
Rosso was named chairman and chief executive officer
of the company and Umberto Quadrino was named co-
chairman for a transition period to support the
integration of the two companies.
The company also announced several other members of
its management team. They include: Fausto Lanfranco,
president, Worldwide Construction Equipment Business,
Andrew E. Graves, president, CNH Capital Corporation;
William T. Kennedy, president, New Holland
Agricultural Business; Leopold Plattner, president,
Case IH Agricultural Business; and Harold D.
Boyanovsky, president, Worldwide Agricultural
Equipment Products.
In addition, Rafael Ansorena has been named senior
vice president for New Holland's construction
equipment business and Jim McCullough has been
appointed senior vice president
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for Case's construction equipment business. Both
Ansorena and McCullough will report to Lanfranco.
"The CNH management team reflects the best talent
from both organizations," said Rosso. "They have
tremendous global perspective, business acumen and
management skills and are well-equipped to
successfully lead the company. We are fortunate to
have such top caliber people."
Rosso previously served as chairman and chief
executive officer of Case Corporation, and Quadrino
was chairman, president and chief executive officer
of New Holland. Lamb was president and chief
operating officer of Case, and French was president,
Financial Services, and chief financial officer of
Case.
Boyanovsky previously served as senior vice president
and general manager, North American Region, for Case.
Graves was president, Case Capital. Kennedy
previously served as executive vice president and
chief marketing officer, New Holland. Lanfranco
served as senior vice president, Construction
Equipment, New Holland. Plattner served as president,
Case Europe.
With strong global brands, CNH is a leader in the
agricultural equipment, construction equipment and
financial services industries and had combined 1998
revenues of approximately $12 billion. CNH is the
number one manufacturer of agricultural tractors and
combines in the world, the third largest maker of
construction equipment and has one of the largest
equipment finance companies in the world. Based in
the United States, CNH has operations in 16 countries
and sells its products in 160 markets through a
network of more than 10,000 dealers and distributors.
CNH products are sold under the following brands:
Case, Case IH, Fermec, Fiatallis, Fiat-Hitachi, Link-
Belt, New Holland, O&K and Steyr.
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EXHIBIT 99.3
PRESS RELEASE
[CNH letterhead]
News Release
For Immediate Release
CNH Created from Case and New Holland
Merger; Begins Trading Today on NYSE as CNH
For more New York (November 15, 1999) -- CNH (N:CNH), the
information contact: company created from the merger of Case Corporation
and New Holland, will begin trading today on the New
Bill Masterson York Stock Exchange as CNH. With combined revenues of
1.262.636.5793 approximately $12 billion in 1998, CNH builds and
markets several of the world's leading brands of
Jeffrey T. Walsh agricultural and construction equipment and is among
44.181.479.8809 the world's largest equipment financing companies.
"CNH is focused on generating value for all of its
stakeholders," said Jean-Pierre Rosso, CNH chairman
and chief executive officer. "Customers will
continue to derive value from the brands they are
loyal to, employees and dealers will share in a
global enterprise that will invest in the future,
and shareholders will benefit from a company that
has a broad presence in geographic and product
market segments.
"We have a world of opportunity before us," Rosso
added. "We intend to grow our combined business in
established and developing markets, while
aggressively reducing costs through process
improvements and increased efficiencies. Our
integration plans are progressing, and we will begin
implementing them immediately to realize the $400 to
$500 million in annual savings over the next three to
four years that we have identified."
The company plans to operate under a multiple brand,
multiple distribution business model. It will
maintain its various agricultural equipment,
construction equipment and financial services brands
and corresponding distribution
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networks. Going forward, the company intends to
design and build its products on common platforms,
but with differentiated features that appeal to
specific customer groups under the company's multiple
brands. Financial services products also will be
offered under each of the brand organizations.
CNH is committed to value creation for its
stakeholders through a combination of continuous
growth and cost management. The company expects to
realize significant synergies as a result of the
merger, coming from four primary areas: purchasing
and logistics; research and development; selling,
general and administrative; and industrial
restructuring. The annual savings are expected to be
approximately $130 million in 2000 and grow to $400
to $500 million within the next three to four years.
The company said it will account for the merger under
the purchase method. As a result, assets and
liabilities will be revalued and the remaining
purchase price will be allocated to goodwill and
intangibles.
With strong global brands, CNH Global N.V. is a
leader in the agricultural equipment, construction
equipment and financial services industries and had
combined 1998 revenues of approximately $12 billion.
CNH is the number one manufacturer of agricultural
tractors and combines in the world, the third largest
maker of construction equipment and has one of the
largest equipment finance companies in the world.
Based in the United States, CNH has operations in 16
countries and sells its products in 160 markets
through a network of more than 10,000 dealers and
distributors. CNH products are sold under the
following brands: Case, Case IH, Fermec, Fiatallis,
Fiat-Hitachi, Link-Belt, New Holland, O&K and Steyr.
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