LS Mtron partners with global agricultural giant CNHi

LS Mtron, the heavy machinery and advanced parts-making unit of South Korea's LS Group said on Tuesday it signed a memorandum of understanding (MOU) with Italian-American multinational corporation CNH Industrial (CNHi), the world's second-largest agricultural machinery company.

The agreement aims to expand LS Mtron's global business by leveraging the technological strengths and infrastructure of both companies.

Under the terms of the agreement, LS Mtron and CNHi will co-develop products tailored to customer needs and ensure timely market releases.

The two companies will also work together to expand their distribution networks in key global markets.

This is not the first time that LS Mtron and CNHi have worked together.

LS Mtron has been a supplier to CNHi since 2009, delivering sub-60 horsepower compact tractors, initially to markets in Australia and Southeast Asia.

The new agreement seeks to deepen this relationship by integrating CNHi's cutting-edge global technology into LS Mtron's compact tractors.

"This is a significant agreement that extends our existing OEM cooperation with CNH Industrial to a global partnership," CEO of LS Mtron Shin Chai-ho said. 

"We will leverage this partnership to further grow our agricultural machinery business and establish ourselves as a leading agricultural infrastructure specialist company."

Write to Yu-Rim Oh at our@hankyung.com