Financial News

Dealing With Derecho Destruction: CNH Industrial Foundation Donates to Local Relief Efforts

SOURCE: CNH Industrial

DESCRIPTION:

The CNH Industrial Foundation has donated $20,000 to support disaster relief operations in wake of the devastating Derecho that cut a path of destruction from Nebraska to Illinois last month.

The funds have been allocated to Team Rubicon, a non-governmental organization that mobilizes veterans to help with disaster preparedness and relief, and a frequent partner of the CNH Industrial CASE Construction Equipment brand.

The rare Derecho - a type of storm with high winds that run parallel to the ground - swept across the U.S. Midwest in August with winds of more than 100 miles per hour, destroying homes and businesses. The impact was particularly severe for farmers, as the Derecho hit the Corn Belt just before harvest, flattening crops and destroying hundreds of millions of bushels of commercial and on-farm grain storage bins.  

State officials in Iowa estimate up to 14 million acres of farmland - more than one third of the state’s agricultural land area - were damaged, with more than 40 per cent of the corn and soybean crop flattened. Although some crop may be harvestable, much of it will not be able to be salvaged.

The CNH Industrial Foundation contributes financially to charitable organizations supporting education, health, civic and community improvement, food security and disaster relief initiatives.

“The Derecho has brought widespread devastation to farmers and rural communities in Iowa at a time when they have already been struggling to cope with the COVID-19 pandemic, the impact of trade disputes and the stress of last year’s tough growing,” says Foundation president Brian French.

“CNH Industrial has a history with Team Rubicon and the CNH Industrial Foundation has supported its disaster relief efforts previously as well; we are confident they will put the funds to use where they can make the most impact for people affected by this disaster,” he adds.

CNH Industrial manufactures and markets construction and agricultural equipment under its Case IH, New Holland Agriculture, CASE Construction Equipment and New Holland Construction brands, as well as powertrains for FPT Industrial in North America.

Tweet me: The CNH Industrial Foundation is proud to support @TeamRubicon #Derecho disaster relief efforts in Iowa https://bit.ly/32Ui0Ch #localcommunities #CNHcares

KEYWORDS: NYSE:CNHI, CNH Industrial, derecho, CNH Industrial Foundation, Illinois, Team Rubicon

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