CNH Industrial, a maker of agricultural and construction equipment and commercial vehicles, is suspending production at most of its plants in North and South America for two weeks, starting Monday.

The company, whose brands include Case IH and NewHolland, says the move is the result of "significant deterioration of the macro-economic environment triggered by the global spread of the Covid-19 virus."

CNH, which urged investors to abandon its sales and profit guidance from February, says it will maintain component manufacturing to supply parts depot sand dealers that will remain open during the shutdown.