Friday, May 17, 2024

CNH Industrial plans to buy Raven Industries

cnh industrial logoCNH Industrial N.V., which manufacturers Case IH and New Holland farm equipment, has entered into an agreement to acquire 100% of the capital stock of Raven Industries Inc. for $58 per share. Totaling $2.1 billion, the price represents a 33.6% premium over the four-week volume-weighted average stock price for Raven.

Closing is expected the four quarter of this year, pending Raven shareholder approval.

The acquisition builds upon a long partnership between the two companies and will further enhance CNH Industrial’s position in the global agriculture equipment market by adding autonomous and precision agriculture technologies, according to the news release.

Headquartered in Sioux Falls, South Dakota, Raven is organized into three business divisions: applied technology (precision agriculture), engineered films (high-performance specialty films) and aerostar (aerospace) with consolidated net sales of US$ 348.4 million for the 12 months ended Jan. 31.

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