CNH Industrial completes divestiture of Raven Engineered Films Division
April 29 2022 - 11:30AM
The Company has concluded its planned repositioning of a
business division deriving from its acquisition of Raven Industries
with sale to Industrial Opportunity Partners.
London, April 29, 2022
CNH Industrial (NYSE: CNHI / MI: CNHI) announces
that it has completed the sale of the Raven Engineered Films
Division (EFD) to Industrial Opportunity Partners (IOP), an
operations-focused private equity firm based in Evanston, Illinois,
USA, for a purchase price of $350 million subject to customary
closing adjustments.
The Raven EFD business, based in Sioux Falls,
South Dakota, is a leading provider of highly-engineered polymer
films and sheeting for agriculture, construction, geomembrane, and
industrial applications. The business’s products are designed for
critical applications and promote sustainability by protecting the
Earth’s resources.
Goldman Sachs and Barclays acted as financial
advisors to CNH Industrial and Wachtell, Lipton, Rosen & Katz
acted as legal advisor to CNH Industrial.
CNH Industrial (NYSE: CNHI /
MI: CNHI) is a world-class equipment and services company. Driven
by its purpose of Breaking New Ground, which centers on Innovation,
Sustainability and Productivity, the Company provides the strategic
direction, R&D capabilities, and investments that enable the
success of its five core Brands: Case IH, New Holland Agriculture
and STEYR, supplying 360° agriculture applications from machines to
implements and the digital technologies that enhance them; and CASE
and New Holland Construction Equipment delivering a full lineup of
construction products that make the industry more productive.
Across a history spanning over two centuries, CNH Industrial has
always been a pioneer in its sectors and continues to passionately
innovate and drive customer efficiency and success. As a truly
global company, CNH Industrial’s 37,000+ employees form part of a
diverse and inclusive workplace, focused on empowering customers to
grow, and build, a better world.
For more information and the latest financial
and sustainability reports visit: cnhindustrial.com
For news from CNH Industrial and its Brands
visit: media.cnhindustrial.com
Contacts:
Media RelationsEmail:
mediarelations@cnhind.com
Investor RelationsEmail:
investor.relations@cnhind.com
- 20220429_PR_CNH_Industrial_EFD
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