In $2.1 Billion Deal, Agricultural Technology Manufacturer Purchased by Italian Firm – ThomasNet News

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South Dakota isn’t Usually acknowledged as a hotbed of know-how suppliers, however a Sioux Falls agency has drawn A critical worldwide suitor As a Outcome of of its slicing-edge capabilities.

Italian conglomerate CNH Industrial N.V. introduced June 21 that it reached an settlement To buy Raven Industries — which Focuses on precision agricultural know-how — in a deal valued at roughly $2.1 billion.

Anticipated To close late this yr, the deal serves as a milestone in A longtime partnership between The two corporations and significantly boosts CNH’s presence Inside The worldwide agriculture gear market.

“This acquisition emphasizes our dedication To reinforce our precision farming portfolio and aligns with our digital transformation method,” CNH chief authorities officer Scott Wine said Inside The agency’s press launch. “The combination of Raven’s utilized sciences and CNH Industrial’s strong current and new product portfolio will current our clients with novel, related utilized sciences, permitting them to be extra productive and environment nice.”

Raven Industries operates three enterprise segments focused on precision agriculture, extreme-efficiency specialty movies, and aerospace. The agency had gross sales of $348 million for its fiscal yr that ended January 31.

CNH Is predicated in London however is managed and principally owned by the Italian funding agency Exor. Raven will be a part of its completely different primary agriculture and tractor manufacturers, collectively with Case IH, New Holland Agriculture, and Steyr Tractors. 

CNH had 2020 gross sales Of roughly $26 billion. It operates 66 manufacturing amenities worldwide and has roughly 64,000 staff.

 

 

Picture Credit rating: David San Segundo / Shutterstock.com

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