/CNH Industrial to Acquire Raven Industries, Enhancing Precision Agriculture Capabilities and Scale

CNH Industrial to Acquire Raven Industries, Enhancing Precision Agriculture Capabilities and Scale

LONDON –Information Direct– CNH Industrial

LONDON and SIOUX FALLS, S.D., July 2, 2021 /3BL Media/ – CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) right now introduced that it has entered into an settlement To accumulate 100% of the capital inventory of Raven Industries, Inc. (NASDAQ: RAVN), a US-based mostly chief in precision agritradition know-how for US$58 per share, recurleaseing a 33.6% premium to the Raven Industries 4-week quantity-weighted common inventory worth, and US$2.1 billion Enterprise Worth. The transaction Shall be funded with out there money Available of CNH Industrial. Closing Is predicted to happen Inside the fourth quarter of 2021, topic to the satisfaction of customary closing situations, collectively with approval of Raven shareholders and receipt of regulatory approvals.

The acquisition builds upon An extaccomplished halfnership between The two corporations And might further enhance CNH Industrial’s place Inside The worldwide agritradition gear market by including strong innovation capabilities in autonomous and precision agritradition know-how.

“Precision agritradition and autonomy are essential factors of our Method to assist our agricultural buyers attain The subsequent diploma of productiveness and to unlock the true potential of their operations,” said Scott Wine, Chief Authorities Officer, CNH Industrial. “Raven has been a pioneer in precision agritradition For many yrs, and their deep product expertise, buyer pushed Computer software expertise and engineering acumen supply An monumental increase to our capabilities. This acquisition emphasizes our dedication To reintypeationrce our precision farming portfolio and aligns with our digital reworkation stpricegy. The combination of Raven’s utilized sciences and CNH Industrial’s strong curlease and new product portfolio will curlease our buyers with novel, related utilized sciences, permitting them to be extra productive and environment nice.”

“Our Board and Administration are Eager about this halfnership and what it means for our future,” said Dan Rykhus, President & Chief Authorities Officer for Raven Industries. “For 65 yrs, our agency has been dedicated to fixing good challenges. An factor of that dedication embraces delivering groundbreaking innovation by creating and investing in our core capabilities and know-how. By coming Together with CNH Industrial, we think about We’ll further acceleprice that path As properly as to convey tremfinishous alternatives and value to our buyers — as quickly as as quickly as extra fulfilling our objective To unravel good challenges. Our relationship with CNH Industrial has expanded over many yrs, and We now have a deep respect for Every completely diffelease and a shared dedication To rework agritradition practices The world over. We look forward to CNH Industrial leveraging the Raven expertise and tradition, As properly as to the Sioux Falls group, as half of their imaginative and prescient and future success.”

“Raven Industries’ capabilities, innovation tradition, entrepreneurial spirit and engineering expertise are spectacular And might proceed to thrive as half of the CNH Industrial household. Sioux Falls is And might proceed to be A exact center of excellence,” added Wine. “We’re extremely excited to collaboprice in conveying our buyers extra integpriced precision and autonomous options, not solely To enhance productiveness and profitability, However in addition promote extra sustainable options and environmental stewardship. Together, our teams will create a stronger enterprise for our staff, supplier internetwork, and buyers, enabling us to type The biggest technique forward for agritradition, enhance our world-main sustainability credentials, and maximize our progress alternatives.”

Headquartered in Sioux Falls, South Dakota, Raven Industries is organized into three enterprise diimaginative and prescients: Applied Technology (precision agritradition), Engineered Movies (extreme-pertypeance specialty films) and Aerostar (aerospace) with consolidated internet gross sales of US$ 348.4 million for the twelve months accomplished January 31, 2021. The agency is A worldwide know-how halfner for key stpricegic OEMs, agritradition retailers and sellers. The transaction Is predicted to geneprice roughly US$400 million of run-price income synergies by calfinishar yr 2025, Ensuing in US$150 million of incremental EBITDA from synergies.

The Engineered Movies and Aerostar segments are enterprise chiefs Inside the extreme pertypeance specialty films and stratospheric plattype industries, respectively, and CNH Industrial think abouts they recurlease engaging indepfinishent companies with fantastic shut to and prolonged-time period potential. Accordingly, CNH Industrial plans to undertake a stpricegic consider Of each enterprise to biggest place them for future success and maximize shareholder value.

CNH Industrial Does not anticipate the proposed acquisition Could have any influence on its steerage for 2021. The acquisition Is predicted to be funded with Group consolidated money [1] not have an effect oning third halfy debt Of financial actions [2]. Cash think aboutation for the transaction Isn’t embraced Inside the free money circulate definition, and consequently it Will not have an effect on its free money circulate steerage for the FY 2021E.

Barclays and Goldman Sachs acted as monetary advisors to CNH Industrial and Sullivan & Cromproperly LLP as its authorized advisor. J.P. Morgan Securities LLC acted as monetary advisor to Raven and Davis Polk & Wardproperly LLP as its authorized advisor.

About CNH Industrial

CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) is A worldwide chief Inside the capital items sector with established industrial expertise, A Quantity of merchandise and a worldwide presence. Every of The particular person manufacturers beprolongeding to the Company is A critical worldwide strain in its particular industrial sector: Case IH, New Holland Agritradition and Steyr for tractors and agricultural equipment; Case and New Holland Enchancment for earth shifting gear; Iveco for enterprise automobiles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction automobiles; Magirus for firefighting automobiles; Iveco Defence Vehicles for defence and civil safety; and FPT Industrial for engines and transmissions. More intypeation Might be found on The agency internet website: www.cnhindustrial.com

About Raven Industries, Inc.

Raven Industries (NASDAQ: RAVN) curleases revolutionary, extreme-value merchandise and methods that clear up good challenges all by way of the world. Raven is A pacesetter in precision agritradition, extreme-pertypeance specialty films, and aerospace and protection options, and the agency’s groundbreaking work in autonomous methods is unlocking new prospects in areas like farming, nationwide protection, and scientific evaluation. Since 1956, Raven has designed, produced, and delivered distinctive options, incomes the agency a popularity for innovation, product extreme quality, and unmatched service. For extra intypeation, go to https://ravenind.com.

Additional Intypeation and The place To Search out It

This communication Isn’t meant to and Does not recurlease A suggestion to promote or the solicitation of A suggestion to subscribe for or buy or An invite To buy or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or change of securities in any jurisdiction in contravention of relevant regulation. In Reference to the proposed transaction, Raven Industries, Inc. (“Raven”) will file a proxy assertion on Schedule 14A with the Securities and Commerce Fee (“SEC”), As properly as to completely diffelease related supplies relating to the transaction. Following the submitting of the definitive proxy assertion, Raven will mail the definitive proxy assertion and a proxy card to its shareholders in Reference to the transaction. Buyers AND SECURITY HOLDERS OF RAVEN ARE URGED TO Study THE PROXY STATEMENT AND OTHER RELEVANT Paperwork FILED OR TO BE FILED WITH THE SEC Rigorously Once they Discover your self to be AVAILABLE As a Outcome of They will Include Important Particulars about CNH INDUSTRIAL N.V. (“CNH INDUSTRIAL”), RAVEN, THE TRANSACTION AND Associated Issues. Investors and safety holders will Be In a place To buy copies of the proxy assertion (when out there) As properly as to completely diffelease submittings containing intypeation about CNH Industrial and Raven, with out cost, On the SEC’s internet website, http://www.sec.gov, and Raven inventoryholders will acquire intypeation at an relevant time on The biggest Method To buy transaction-related docs Freed from cost from Raven.

Individuals in Solicitation

Raven and its directors and executive officers, and CNH Industrial and its directors and executive officers, Might Even be deemed to be halficipants Inside the solicitation of proxies in Reference to the proposed transaction. Intypeation Regarding The directors and executive officers of Raven Is about forth Inside the proxy assertion for Raven’s 2021 Annual Meeting of Stockholders, which was filed with the SEC on April 9, 2021. Intypeation Regarding The directors and executive officers of CNH Industrial Is about forth in CNH Industrial’s annual report on Form 20-F for the yr accomplished December 31, 2020, which was filed with the SEC on March 3, 2021. Investors might acquire further intypeation relating to the curiosity of such halficipants by studying the proxy assertion relating to the proposed transaction when it turns into out there.

Cautionary Language Regarding Forward-Wanting Statements

This doc inagencys sure forward-looking assertions Contained in the which Stpricegy of the protected harbor proimaginative and prescients of the Private Securities Litigation Retype Act of 1995 with respect to the proposed transaction between CNH Industrial and Raven, collectively with assertions relating to The advantages of the transaction, the anticipated timing of the transaction, plans, goals, anticipateations and intentions of the halfies with respect to the transaction, CNH Industrial’s, Raven’s and/or the mixed group’s estimated or anticipated future enterprise, pertypeance and end outcomes of operations and monetary situation, and completely diffelease assertions That are not historic details. These assertions might embrace time durations Similar to “might”, “will”, “anticipate”, “could”, “ought to”, “intfinish”, “estimate”, “anticipate”, “think about”, “stay”, “on monitor”, “design”, “goal”, “objective”, “objective”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or comparable time durations. Forward-looking assertions Aren’t ensures of future pertypeance. Pretty, They’re based mostly on CNH Industrial’s and Raven’s curlease state Of intypeation, anticipateations and projections about future events and are by their nature, topic to inhelease hazards and unsureties. They relate to events and Depfinish upon circumstances Which will or might not happen or exist Finally and, as such, particular persons studying this communication are cautioned To not place undue reliance on them.

These forward-looking assertions are topic to hazards and unsureties Which will set off exact end outcomes To vary materially from these indicated Inside the forward-looking assertions. Such hazards and unsureties embrace, but Aren’t restricted to, the prevalence of any event, change or completely diffelease circumstances That would give rise to the time periodination of the merger settlement; The hazard that Raven inventoryholders might not approve the transaction; the failure To buy needed regulatory approvals or that such approvals will topic to situations That are not anticipated; hazards that any of The completely diffelease closing situations to the proposed transaction May be not glad in a well timed method; antagonistic end outcomes on CNH Industrial’s or Raven’s working end outcomes Beset off of a failure To finish the proposed transaction; the failure To understand the anticipated advantages and synergies of the pfinishing acquisition; the failure to effectively and effectively integprice Raven’s companies; vital transaction prices and/or unknown or inestimable liabilities; hazards related to potential litigation Related to the proposed transaction; hazards related to monetary group and rating agency perceptions Of each of CNH Industrial and Raven and its enterprise, operations, monetary situation and the enterprise By which it opeprices; hazards related to the disruption of management time from ongoing enterprise operations Beset off of proposed merger; failure To understand The advantages anticipated from the proposed merger; end outcomes of the announcement, pfinishency or completion of the proposed transaction on The power of CNH Industrial or Raven to retain buyers and retain and lease key particular personnel and maintain relationships with their suppliers, and on their working end outcomes and companies usually; widespread financial and enterprise situations Which have an effect on the mixed corporations following the consummation of the pfinishing acquisition, collectively with The numerous financial unsurety and volatility Launched on by COVID 19; modifications in government insurance coverage policies relating to banking, mointernetary And mointernetary coverage; legal guidelines, notably pertaining to capital items-related factors Similar to agritradition, the environment, debt aid and subsidy program insurance coverage policies, trade and commerce and infrastructure development; government insurance coverage policies on worldwide trade and funding, collectively with sanctions, import quotas, capital controls and tariffs; volatility in worldwide trade Launched on by the implace of tariffs, sanctions, embargoes, and trade wars; development and use Of latest utilized sciences and technological difficulties; and completely diffelease comparable hazard and unsureties and the success of CNH Industrial and Raven in managing The hazards and unsureties involved Inside the foregoing. The outcomes of the COVID-19 pandemic might give rise to hazards That are curleasely unknown or amplify The hazards Related to the foregoing factors.

Any forward-looking assertions contained On this doc converse solely as of the date hereof and CNH Industrial and Raven disclaim any obligation to replace or revise any forward-looking assertions. Further intypeation cas quickly asrning CNH Industrial and Raven and their respective companies, collectively with further hazards and unsureties, are embraced in CNH Industrial’s reviews and submittings with the SEC, the Autoriteit Financiële Markten and Feee Nazionale per le Società e la Borsa and Raven’s reviews and submittings with the SEC.

[1] Consolidated money refers to Cash and Cash Equivalents of the Group, which amounted to $7.1 billion On The prime of March 2021

[2] Third halfy debt of Industrial Activities amounted to $6.3 billion On The prime of March 2021

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