CNH Industrial announced this week that it has entered into an agreement to acquire 100% of the capital stock of Raven Industries, Inc, a US-based precision agriculture technology company.

CNH said in a statement that the deal is expected to be concluded in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions, including approval of Raven shareholders and receipt of regulatory approvals.

The manufacturer believes the purchase builds upon their long partnership with Raven and will enhance their position in the global agriculture equipment market " . .by adding strong innovation capabilities in autonomous and precision agriculture technology."

Scott Wine, chief executive officer, CNH Industrial, said, "Raven has been a pioneer in precision agriculture for decades, and their deep product experience, customer driven software expertise and engineering acumen offer a significant boost to our capabilities. This acquisition emphasizes our commitment to enhance our precision farming portfolio and aligns with our digital transformation strategy.

"The combination of Raven’s technologies and CNH Industrial’s strong current and new product portfolio will provide our customers with novel, connected technologies, allowing them to be more productive and efficient."

Headquartered in Sioux Falls, South Dakota, Raven Industries is organised into three business divisions: Applied Technology (precision agriculture), Engineered Films (highperformance specialty films) and Aerostar (aerospace) with consolidated net sales of US$ 348.4 million for the twelve months ended January 31, 2021.