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Raven Industries (NASDAQ: RAVN) has secured a contract from the Defense Innovation Unit to provide advanced high-altitude capabilities for the U.S. Department of Defense. This project will utilize Raven Aerostar's Thunderhead Balloon Systems to demonstrate connectivity and integrate communication nodes, ensuring operational effectiveness for military applications. The initiative aims to enhance data collection and situational awareness, transitioning innovative stratospheric technology to real-world military use.
Raven Industries (NASDAQ:RAVN) has donated $150,000 to South Dakota Mines to support a new minor in avionics. This initiative includes funding for a Raven Aerostar scholarship and enhancements in design and prototyping for high-speed circuits. The Aerostar division, a leader in stratospheric balloon technology, emphasizes the importance of university partnerships in nurturing future aerospace engineers. Earlier this year, Raven contributed an additional $25,000 to the university's Aerospace Engineering Lab. Raven's ongoing collaboration with South Dakota Mines includes hiring interns and supporting various programs.
Raven Industries, Inc. (NASDAQ:RAVN) has acquired intellectual property and patents from Loon, LLC, a former subsidiary of Alphabet Inc., focusing on high-altitude balloon technology. This acquisition, completed on May 4, 2021, includes 176 assets directly related to stratospheric balloon technology, enhancing Raven Aerostar's capabilities in remote sensing and communications. Jim Nelson, Division Manager of Raven Aerostar, highlighted the strategic value of consolidating this technology as demand for their solutions grows.
Raven Industries (NASDAQ:RAVN) announced successful monitoring of wildfires using its stratospheric balloon technology, highlighting its potential for wildfire management. Over three months, a Thunderhead Balloon traveled 16,000 miles, collecting thermal and visible imagery from four active fires in Montana, California, Idaho, and Washington. This innovation aims to enhance communication and coordination among firefighters, addressing the increasing severity of wildfires. Jim Nelson, Division Manager of Raven Aerostar, emphasized the importance of this data for containment efforts.
On September 15, 2021, Raven Industries (NASDAQ:RAVN) announced a decisive shareholder vote approving its pending transaction with CNH Industrial (NYSE:CNHI). Over 71% of Raven's outstanding shares participated, with 99% supporting the merger. The transaction is anticipated to close in Q4 2021, pending regulatory approvals from the Committee on Foreign Investment in the United States (CFIUS) and the Defense Counterintelligence and Security Agency (DCSA). J.P. Morgan Securities LLC and Davis Polk & Wardwell LLP acted as financial and legal advisors, respectively.
Raven Industries, Inc. (NASDAQ:RAVN) is set to showcase its innovative OMNiDRIVE™ technology at the Farm Progress Show from
Raven Industries reported a strong second quarter for fiscal 2022, with consolidated net sales of $114.4 million, up 34.3% year-over-year. The company entered an agreement to be acquired by CNH Industrial for $2.1 billion, or $58.00 per share. Diluted EPS increased by 18.8% to $0.19. Applied Technology and Engineered Films divisions saw substantial sales growth, with increases of 25.6% and 57.5% respectively. However, Aerostar's net sales decreased by 5.0%. The company faces challenges from acquisition-related expenses and ongoing supply chain issues.
CNH Industrial has announced an agreement to acquire Raven Industries for $58 per share, totaling $2.1 billion in enterprise value, reflecting a 33.6% premium over Raven's recent stock price. The deal aims to enhance CNH's position in the precision agriculture sector and is expected to close in Q4 2021 pending regulatory and shareholder approvals. The acquisition is set to generate approximately $400 million in annual revenue synergies by 2025, translating to an additional $150 million in EBITDA. The transaction will be financed using CNH Industrial's cash reserves.
Raven Industries (NASDAQ:RAVN) has announced the purchase of a second OMNiPOWER platform by Haggerty AgRobotics, aimed at addressing labor shortages in agriculture. This autonomous platform allows for machine-to-machine connectivity through the Viper® 4+ field computer, enhancing operational efficiency. Haggerty AgRobotics, with its focus on automation, has collaborated with Raven for over a decade. The integration of Raven's technology positions both companies as pioneers in the autonomous agriculture sector, fulfilling growing demand for driverless solutions.
