During a period of seemingly never-ending acquisitions, CNH Industrial has gone against the trend by selling off the Overum factory in Sweden, which makes mouldboard ploughs.

This business was acquired in 2017 with the rest of Kongskilde group’s Grass and Soil division assets. These remain, operating as Kongskilde Agriculture under the New Holland Agriculture umbrella, producing tillage and grassland equipment at a factory in Poland.

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A New Holland spokeswoman said a lack of profitability and market share was behind the decision to sell the ploughs business, which has been bought by FairCap, a private equity turnaround specialist with offices in Germany, the UK and Italy.

New Holland says it will phase out the range, but will ensure the implements continue to be available to its dealers and customers over the coming months.

Max Koch-Heintzeler, managing partner at FairCap, said: “We are convinced that Overum, as a standalone company, can realise its full potential.

“Ploughing has been a core agricultural tool for many centuries and will remain a necessity for soil cultivation.

“Our experienced team will support Overum during this complex carve-out transition period and in achieving the company’s long-term growth plans.”