<PAGE>
 
                                                                      Exhibit 21
                       SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1997

<TABLE>
<CAPTION>
                                        STATE OR OTHER          OTHER NAME(S)
                                       JURISDICTION OF           UNDER WHICH
                                       INCORPORATION OR        SUBSIDIARY DOES
NAME OF SUBSIDIARY                       ORGANIZATION             BUSINESS
------------------                     ----------------        ---------------
<S>                                    <C>                     <C>

A. M. Exports Limited                    United Kingdom             None

*Amity Technology L.L.C.                 Minnesota                  None

Austoft Holdings Limited                 Australia                  None

Austoft Inc.                             Florida                    None

Austoft Industries Limited               Australia                  None

Brahma Steyr Tractors Limited            India                      None

Brascor Corretora de Seguros,            Brazil                     None
Participacoes e Servicos S.A.

Brastoft Maquinas E Systemas             Brazil                     None
Agro-Industriais S.A.

C.W., Inc.                               North Dakota               None

Case (Barbados) FSC, Ltd.                Barbados                   None

Case Belgium N.V.                        Belgium                    None

Case Beteiligungsverwaltung GmbH         Austria                    None

Case Bodenverdichtungsgerate             Germany                    None
Verwaltungs GmbH

Case bor-mor Holdings, Inc.              Minnesota                  None

Case Brasil & Cia                        Brazil                     None

Case Brazil Holdings, Inc.               Delaware                   None

Case Canada Corporation                  Ontario                    Case Canada,
                                                                    Case Power &
                                                                    Equipment

Case Canada Equipment Corporation        Delaware                   None
</TABLE>

                                       1
<PAGE>
 
                       SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1997

<TABLE>
<CAPTION>
                                        STATE OR OTHER          OTHER NAME(S)
                                       JURISDICTION OF           UNDER WHICH
                                       INCORPORATION OR        SUBSIDIARY DOES
NAME OF SUBSIDIARY                       ORGANIZATION             BUSINESS
------------------                     ----------------        ---------------
<S>                                    <C>                     <C>

Case Canada Investments, Ltd.            Alberta                    None

Case Canada Receivables, Inc.            Alberta                    None

Case CDC Holdings, Inc.                  Delaware                   None

Case Corporation Pty. Ltd.               Australia                  None

Case Credit Australia Investments        Australia                  None
Pty. Ltd.

Case Credit Australia Pty., Ltd.         Australia                  None

Case Credit Corporation                  Delaware                   None

Case Credit Europe S.A.S.                France (50% ownership)     None

Case Credit Global Investments Ltd.      Bermuda                    None

Case Credit Holdings Limited             Delaware                   None

Case Credit Insurance Agency Inc.        Delaware                   None

Case Credit Limited                      United Kingdom             None

Case Credit Ltd.                         Alberta                    None

Case Credit Wholesale Pty. Limited       Australia                  None

Case Credits Limited                     United Kingdom             None

Case Currency Management, Inc.           Delaware                   None

Case Equipment Baumaschinen GmbH         Germany                    None

Case Equipment Holdings Limited          Delaware                   None

Case Equipment International             Delaware                   None
Corporation

Case Equipment International             Delaware                   None
Marketing, Inc.

Case Europe S.A.R.L.                     France                     None
</TABLE>

                                       2

<PAGE>
 
                       SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1997

<TABLE>
<CAPTION>
                                        STATE OR OTHER          OTHER NAME(S)
                                       JURISDICTION OF           UNDER WHICH
                                       INCORPORATION OR        SUBSIDIARY DOES
NAME OF SUBSIDIARY                       ORGANIZATION             BUSINESS
------------------                     ----------------        ---------------
<S>                                    <C>                     <C>

Case France S.A.                         France                     None

Case Germany GmbH                        Germany                    None

Case India Limited                       Delaware                   None

Case International Marketing, Inc.       Delaware                   None

Case Irrigation Company                  Delaware                   None

Case Italy SpA                           Italy                      None

Case Leasing Asset Securitization Inc.   Delaware                   None

Case Licensing/Lending Company           Delaware                   None

Case Melbourne Pty. Ltd.                 Australia                  None

Case Mexico, S.A.                        Mexico                     None

Case Poclain GmbH & Co. KG.              German General             None
                                         Partnership

Case Receivables II Inc.                 Delaware                   None

Case Receivables, Inc.                   Delaware                   None

Case Spain S.A.                          Spain                      None

Case Sprayers Limited                    United Kingdom             None

Case Steyr Landmaschinentechnik AG       Austria                    None

Case United Kingdom Limited              United Kingdom             None

Case Wholesale Receivables, Inc.         Delaware                   None

Case-Poclain Limited                     United Kingdom             None

Concord, Inc.                            North Dakota               None

Consolidated Diesel Company              North Carolina General     None
                                         Partnership
</TABLE>

                                       3


<PAGE>
 

                       SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1997
 
<TABLE>
<CAPTION>
                                            STATE OR OTHER        OTHER NAME(S)
                                           JURISDICTION OF         UNDER WHICH
                                           INCORPORATION OR      SUBSIDIARY DOES
NAME OF SUBSIDIARY                           ORGANIZATION           BUSINESS
------------------                           ------------           --------
<S>                                        <C>                   <C>
Consolidated Diesel of North               North Carolina             None 
Carolina, Inc.                                                   
                                                                 
Consolidated Diesel, Inc.                  Delaware                   None
                                                                 
David Brown Tractors (Belfast) Ltd.        United Kingdom             None
                                                                 
David Brown Tractors (Ireland) Ltd.        Ireland                    None
                                                                 
David Brown Tractors (Retail) Ltd.         United Kingdom             None
                                                                 
David Brown Tractors Limited               United Kingdom             None
                                                                 
Farm One AgServices, Inc.                  Delaware                   None
                                                                 
Fermec Baumaschinen GmbH                   Germany                    None
                                                                 
Fermec Holdings Limited                    United Kingdom             None
                                                                 
Fermec International Limited               United Kingdom             None
                                                                 
Fermec Manufacturing Limited               United Kingdom             None
                                                                 
Fermec North America Limited               United Kingdom             None
                                                                 
Fermec S.A.                                France                     None
                                                                 
Fermec Trustee Limited                     United Kingdom             None
                                                                 
Fortschritt Erntemaschinen GmbH            Germany                    None
                                                                 
Grand Detour Plow Company                  Wisconsin                  None
                                                                 
Hay & Forage Industries                    Kansas General             None
                                           Partnership           
                                                                 
HFI Holdings, Inc.                         Delaware                   None
                                                                 
Highlyn Pty. Ltd.                          Australia                  None
                                                                 
International Harvester Company            Delaware                   None
</TABLE>

                                       4
<PAGE>
 

                       SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1997
 
<TABLE>
<CAPTION>
                                            STATE OR OTHER        OTHER NAME(S)
                                           JURISDICTION OF         UNDER WHICH
                                           INCORPORATION OR      SUBSIDIARY DOES
NAME OF SUBSIDIARY                           ORGANIZATION           BUSINESS
------------------                           ------------           --------
<S>                                        <C>                   <C>
International Harvester Co.                                      
of Belgium N.V.                            Belgium                    None
                                                                 
International Harvester Co. of                                   
Great Britain Limited                      United Kingdom             None
                                                                 
J. I. Case A/S                             Denmark                    None
                                                                 
J. I. Case Argentina, S.A.                 Argentina                  None
                                                                 
J. I. Case Company Limited                 United Kingdom             None
                                                                 
J. I. Case Germany Holdings, Inc.          Delaware                   None
                                                                 
J. I. Case International, S.A.             Venezuela                  None
                                                                 
J. I. Case Leasing Corporation             Wisconsin                  None
                                                                 
J. I. Case Property Company                Delaware                   None
                                                                 
J. I. Case Threshing Machine Company       Wisconsin                  None
                                                                 
Jaxborough Pty. Ltd.                       Australia                  None
                                                                 
Kase, S.A. De C.V.                         Mexico                     None
                                                                 
Kestrin Pty. Ltd.                          Australia                  None
                                                                 
Lake Hull Pty. Ltd.                        Australia                  None
                                                                 
Liuzhou Case Liugong Construction                                
Equipment Company Limited                  China                      None
                                                                 
Masstock (Zambia) Limited                  Zambia                     None
                                                                 
Megavolt L.P.                              Delaware Limited           None
                                           Partnership                      
Poclain do Brasil S.A.                     Brazil                     None
                                                                 
Poclain GmbH                               Germany                    None
</TABLE> 

                                       5
<PAGE>
 

                       SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1997
 
<TABLE>
<CAPTION>
                                            STATE OR OTHER        OTHER NAME(S)
                                           JURISDICTION OF         UNDER WHICH
                                           INCORPORATION OR      SUBSIDIARY DOES
NAME OF SUBSIDIARY                           ORGANIZATION           BUSINESS
------------------                           ------------           --------
<S>                                        <C>                   <C>
Poclain Limited                            United Kingdom             None
                                                                 
Poclain Services North America Inc.        Delaware                   None
                                                                 
PPM do Brasil Ltda.                        Brazil                     None
                                                                 
Pryor Foundry, Inc.                        Oklahoma                   None
                                                                 
Receivables Credit Corporation             Alberta                    None
                                                                 
Receivables Credit II Corporation          Alberta                    None
                                                                 
Receivables Credit III Corporation         Alberta                    None
                                                                 
Servicios Case Mexicana, S.A. de C.V.      Mexico                     None
                                                                 
Steiger Credit Canada Ltd.                 Saskatchewan               None
                                                                 
Steiger Credit Company                     North Dakota               None
                                                                 
Steiger International, Ltd.                Guam                       None
                                                                 
Steyr Traktoren Handels GmbH               Germany                    None
                                                                 
Tractorwork, Limited                       United Kingdom             None
                                                                 
Ukrainian Agricultural Development Co.     Delaware                   None
                                                                 
Universaltrac Geteiligungs GmbH            Germany                    None
                                                                 
UzCaseagroleasing                          Uzbekistan                 None
                                                                 
UzCaseMash                                 Uzbekistan                 None
                                                                 
Versatile Credit Pty. Ltd.                 Australia                  None
                                                                 
Versatile Farm Equipment Pty. Ltd.         Australia                  None
</TABLE> 

----------------------------------

*  Indicates less than 10% equity ownership interest.

                                       6