Fiat Industrial S.p.A. (Milan, FI), a 2010 spin-off of Fiat S.p.A. that makes trucks and tractors, plans to merge with CNH Global NV (NYSE: CNH), the producer of Case and New Holland brand tractors, the company announced Wednesday.

Fiat Industrial already holds an 88 percent controlling share in CNH, and the planned merger would streamline the companies and move the primary trading location for Fiat Industrial to New York from its current location in Milan. The deal is valued at roughly $1.15 billion, according to Bloomberg News.

CNH Global NV (NYSE: CNH) shares fell 3.03 percent to $40 Wednesday morning. Fiat Industrial S.p.A. (Milan: FI) shares rose 1.33 percent to €7.99 ($9.94).