By Bianca Flowers
(Reuters) – Farming and construction machine maker CNH Industrial’s decision to permanently halt construction sales in China was due to declining market share and competition from local companies, the company’s CEO said on Thursday.
“We couldn’t see a path of future growth in a market where out brand presence wasn’t strong,” Chief Executive Officer Scott Wine told Reuters in an interview.
The company said on Dec. 1 it would stop selling its construction equipment in China effective Dec. 31.
(Reporting by Bianca Flowers)
