CNH Global suspends sales to Iran in line with sanctions

May 25, 2012 18:36

Farm and construction equipment maker CNH Global NV on Friday said it has suspended sales to Iran, other than those required to fulfill binding contracts, in a move to support international diplomatic efforts.

CNH said its subsidiaries will no longer carry out business related to products or components where Iran is the end destination. These sales have been "totally immaterial in a quantitative and qualitative sense" and made for commercial and civilian use only, the company said in a statement.

CNH is majority-owned by Fiat Industrial SpA. On Friday Fiat Industrial and affiliate Fiat SpA also suspended commercial relations with Iran.

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