CNH Industrial N.V. and Raven Industries, Inc. have agreed that CNH will acquire 100 percent of the capital stock of Raven Industries.
The deal is expected to close in the fourth quarter.
The acquisition builds upon a long partnership between the two companies.
“Precision agriculture and autonomy are critical components of our strategy to help our agricultural customers reach the next level of productivity and to unlock the true potential of their operations,” said Scott Wine, CNH Industrial CEO. “Raven has been a pioneer in precision agriculture for decades, and their deep product experience, customer driven software expertise and engineering acumen offer a significant boost to our capabilities.”
Dan Rykhus, president and CEO for Raven Industries, said this: “For 65 years, our company has been committed to solving great challenges. Part of that commitment includes delivering groundbreaking innovation by developing and investing in our core capabilities and technology. By coming together with CNH Industrial, we believe we will further accelerate that path as well as bring tremendous opportunities and value to our customers — once again fulfilling our purpose to solve great challenges.”
Headquartered in Sioux Falls, South Dakota, Raven Industries is organized into three business divisions: applied technology (precision agriculture), engineered films (high-performance specialty films) and aerostar (aerospace).
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