London: CNH Industrial today announced that it had completed its acquisition of Raven Industries, a US-based leader in precision agriculture technology. The acquisition builds upon a long partnership and is an important milestone in CNH Industrial’s digital transformation.
“Raven is a true pioneer in the precision agriculture space, and their technology is a perfect strategic fit that will differentiate us from our peers and significantly improve our competitive position,” said Scott Wine, Chief Executive Officer, CNH Industrial. “This acquisition will add strong innovation capabilities to accelerate our precision and digital strategy. I would like to commend both the Raven and CNH Industrial teams who are collaborating closely on a seamless transition to make this truly transformative deal progress smoothly,” Wine added.
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CNH Industrial is laser-focused on delivering immediate value for its brands’ dealer partners and their customers, the world’s farmers. The first in-house products featuring fully integrated Raven precision agriculture systems will become available in 2022.
Headquartered in Sioux Falls, South Dakota, Raven was founded over 65 years ago and has created a leadership position in precision agriculture, high-performance speciality films, and aerospace and defence solutions with consolidated net sales of US$ 348.4 million for the twelve months ended January 31, 2021. The company is a global technology partner for key strategic OEMs, agriculture retailers and dealers. The transaction is expected to generate approximately US$400 million of run-rate revenue synergies by the calendar year 2025, resulting in US$150 million of incremental EBITDA from synergies.