CNH Industrial completes divestiture of Raven Engineered Films Division

Rhea-AI Summary

CNH Industrial (NYSE: CNHI) has successfully sold its Raven Engineered Films Division to Industrial Opportunity Partners for $350 million, subject to closing adjustments. This division, based in Sioux Falls, South Dakota, specializes in engineered polymer films for various critical applications, promoting sustainability. The transaction, completed on April 29, 2022, is a strategic repositioning following CNH's acquisition of Raven Industries.

Goldman Sachs and Barclays acted as financial advisors, while Wachtell, Lipton, Rosen & Katz provided legal support.

Positive

• Completion of the sale of Raven Engineered Films Division enhances organizational focus.
• Transaction valued at $350 million, providing liquidity for future investments.

Negative

• None.

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 Relations
Email: mediarelations@cnhind.com

Investor Relations
Email: investor.relations@cnhind.com

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FAQ

What was the sale price for CNH Industrial's Raven Engineered Films Division?

The sale price was $350 million, subject to customary closing adjustments.

When was the sale of the Raven Engineered Films Division completed?

The sale was completed on April 29, 2022.

Who acquired CNH Industrial's Raven Engineered Films Division?

The division was acquired by Industrial Opportunity Partners.

What does the Raven Engineered Films Division specialize in?

The division specializes in highly-engineered polymer films for agriculture, construction, geomembrane, and industrial applications.