<PAGE>
 
                                                                      Exhibit 21
                        SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1998
                                        
<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 Environmental Equipment L.L.C.          Minnesota                 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 Sistemas                  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 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, 1998

<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 Capital Corporation                       Delaware                  None
 
Case CDC Holdings, Inc.                        Delaware                  None
 
Case Corporation Pty. Ltd.                     Australia                 None
 
Case Credit Australia Investments Pty. Ltd.    Australia                 None
 
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 UK Limited                         United Kingdom            None
                                               (50% ownership)
 
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
</TABLE> 

                                       2
<PAGE>
 
                        SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1998
 
<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 Equipment International                   Delaware                  None
Marketing, Inc.
 
Case Europe S.A.R.L.                           France                    None
 
Case France S.A.                               France                    None
 
Case Germany GmbH                              Germany                   None
 
Case Harvesting Systems GmbH                   Germany                   None
 
Case India Limited                             Delaware                  None
 
Case Information Technology Company LLC        Delaware Limited          None
                                               Liability Company
 
Case International France SARL                 France                    None
 
Case International Marketing, Inc.             Delaware                  None
 
Case International United Kingdom Limited      United Kingdom            None
 
Case Irrigation Company                        Delaware                  None
 
Case Italy SpA                                 Italy                     None
 
Case LBX Holdings, Inc.                        Delaware                  None
 
Case Leasing Asset Securitization Inc.         Delaware                  None
 
Case Leasing GmbH                              Germany (50% ownership)   None
 
Case Licensing/Lending Company                 Delaware                  None
 
Case Melbourne Pty. Ltd.                       Australia                 None
 
Case Mexico, S.A.                              Mexico                    None
 
Case Receivables II Inc.                       Delaware                  None
</TABLE> 

                                       3
<PAGE>
 
                        SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1998

<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 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 (50% ownership)
 
Consolidated Diesel of North                   North Carolina (50% ownership)  None
Carolina, Inc.
 
Consolidated Diesel, Inc.                      Delaware (50% ownership)        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
 
Eagle Global Insurance Co., Ltd.               Bermuda                         None
 
Farm One AgServices, Inc.                      Delaware                        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
</TABLE> 

                                       4
<PAGE>
 
                        SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1998

<TABLE>
<CAPTION>
                                               STATE OR OTHER             OTHER NAME(S)
                                               JURISDICTION OF             UNDER WHICH
                                              INCORPORATION OR           SUBSIDIARY DOES
NAME OF SUBSIDIARY                              ORGANIZATION                BUSINESS
------------------                              ------------                --------
<S>                                           <C>                        <C>
Fermec S.A.                                    France                          None
 
Fermec Trustee Limited                         United Kingdom                  None
 
Grand Detour Plow Company                      Wisconsin                       None
 
Hay & Forage Industries                        Kansas General                  None
                                               Partnership (50% ownership)
 
HFI Holdings, Inc.                             Delaware                        None
 
International Harvester Company                Delaware                        None
 
International Harvester Co.                    Belgium                         None
of Belgium N.V.
 
International Harvester Co. of                 United Kingdom                  None
Great Britain Limited
 
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
 
Kase, S.A. De C. V.                            Mexico                          None
 
Kestrin Pty. Ltd.                              Australia                       None
 
Lake Hull Pty. Ltd.                            Australia                       None
 
LBX Company LLC                                Delaware Limited                None
                                               Liability Company
                                               (50% ownership)
</TABLE> 

                                       5
<PAGE>
 
                        SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1998

<TABLE>
<CAPTION>
                                               STATE OR OTHER             OTHER NAME(S)
                                               JURISDICTION OF             UNDER WHICH
                                              INCORPORATION OR           SUBSIDIARY DOES
NAME OF SUBSIDIARY                              ORGANIZATION                BUSINESS
------------------                              ------------                --------
<S>                                           <C>                        <C>
Liuzhou Case Liugong Construction              China (70% ownership)           None
Equipment Company Limited
 
Masstock (Zambia) Limited                      Zambia (12.5% ownership)        None
 
Megavolt L.P., L.L.L.P.                        Delaware Limited Liability      None
                                               Limited Partnership
                                               (40% ownership)
 
Poclain do Brasil S.A.                         Brazil                          None
 
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 Company                         North Dakota                    None
 
Steiger International, Ltd.                    Guam                            None
 
Tiede Landtechnik GmbH                         Germany                         None
 
Tractorwork, Limited                           United Kingdom                  None
 
Ukrainian Agricultural Development Co.         Delaware (20.22% ownership)     None
 
Universaltrac Beteiligungs GmbH.               Germany                         None
 
UzCaseagroleasing                              Uzbekistan                      None
 
UzCaseMash L.L.C.                              Uzbekistan                      None
</TABLE> 

                                       6
<PAGE>
 
                        SUBSIDIARIES OF CASE CORPORATION
                            As of December 31, 1998

<TABLE>
<CAPTION>
                                               STATE OR OTHER             OTHER NAME(S)
                                               JURISDICTION OF             UNDER WHICH
                                              INCORPORATION OR           SUBSIDIARY DOES
NAME OF SUBSIDIARY                              ORGANIZATION                BUSINESS
------------------                              ------------                --------
<S>                                           <C>                        <C>
UzCaseService L.L.C.                           Uzbekistan                      None
 
UzCaseTractor L.L.C.                           Uzbekistan                      None
 
Versatile Credit Pty. Ltd.                     Australia                       None
 
Versatile Farm Equipment Pty. Ltd.             Australia                       None
 
Warchalowski GmbH                              Austria                         None
 
Warchalowski GmbH & Co. KG                     Austria                         None
</TABLE>

------------------------
*  Indicates less than 10% equity ownership interest.

                                       7