CNH Industrial to acquire Raven Industries, enhancing precision agriculture capabilities and scale

London/Sioux Falls, June 21, 2021

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced that it has entered into an agreement to acquire 100% of the capital stock of Raven Industries, Inc. (NASDAQ: RAVN), a US-based leader in precision agriculture technology for US$58 per share, representing a 33.6% premium to the Raven Industries 4-week volume-weighted average stock price, and US$2.1 billion Enterprise Value. The transaction will be funded with available cash on hand of CNH Industrial. Closing is expected to occur 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 acquisition builds upon a long partnership between the two companies and will further enhance CNH Industrial’s position in the global agriculture equipment market by adding strong innovation capabilities in autonomous and precision agriculture technology.

“Precision agriculture and autonomy are critical components of our strategy to help our agricultural customers reach the next level of productivity and to unlock the true potential of their operations,” said Scott Wine, Chief Executive Officer, CNH Industrial. “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.”

“Our Board and Management are excited about this partnership and what it means for our future,” said Dan Rykhus, President & Chief Executive Officer for Raven Industries. “For 65 years, our company has been committed to solving great challenges. Part of that commitment includes delivering groundbreaking innovation by developing and investing in our core capabilities and technology. By coming together with CNH Industrial, we believe we will further accelerate that path as well as bring tremendous opportunities and value to our customers — once again fulfilling our purpose to solve great challenges. Our relationship with CNH Industrial has expanded over decades, and we have a deep respect for one another and a shared commitment to transform agriculture practices across the world. We look forward to CNH Industrial leveraging the Raven talent and culture, as well as the Sioux Falls community, as part of their vision and future success.”

“Raven Industries’ capabilities, innovation culture, entrepreneurial spirit and engineering talent are impressive and will continue to thrive as part of the CNH Industrial family. Sioux Falls is and will continue to be a true center of excellence,” added Wine. “We are incredibly excited to collaborate in bringing our customers more integrated precision and autonomous solutions, not only to improve productivity and profitability, but also promote more sustainable solutions and environmental stewardship. Together, our teams will create a stronger business for our employees, dealer network, and customers, enabling us to shape the future of agriculture, augment our world-leading sustainability credentials, and maximize our growth opportunities.”

Headquartered in Sioux Falls, South Dakota, Raven Industries is organized into three business divisions: Applied Technology (precision agriculture), Engineered Films (high-performance specialty films) and Aerostar (aerospace) with consolidated net sales of US$ 348.4 million for the twelve months ended January 31, 2021. The company is a global technology partner for key strategic OEMs, agriculture retailers and dealers. The transaction is expected to generate approximately US$400 million of run-rate revenue synergies by calendar year 2025, resulting in US$150 million of incremental EBITDA from synergies.

The Engineered Films and Aerostar segments are industry leaders in the high performance specialty films and stratospheric platform industries, respectively, and CNH Industrial believes they represent attractive independent businesses with excellent near and long-term potential. Accordingly, CNH Industrial plans to undertake a strategic review of each business to best position them for future success and maximize shareholder value.

CNH Industrial does not expect the proposed acquisition will have any impact on its guidance for 2021. The acquisition is expected to be funded with Group consolidated cash1 not affecting third party debt of industrial activities2. Cash consideration for the transaction is not included in the free cash flow definition, and consequently it will not affect its free cash flow guidance for the FY 2021E.

Barclays and Goldman Sachs acted as financial advisors to CNH Industrial and Sullivan & Cromwell LLP as its legal advisor. J.P. Morgan Securities LLC acted as financial advisor to Raven and Davis Polk & Wardwell LLP as its legal advisor.

Conference Call

CNH Industrial will host an investor conference call today at 2:30 p.m. CEST/ 1:30 p.m. BST/ 8:30 a.m. EDT to discuss this transaction. The call can be followed live online at this link and a recording will be available later on the Company’s website A presentation will be made available on the CNH Industrial website prior to the call.

About CNH Industrial
CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website:

About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) provides innovative, high-value products and systems that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and aerospace and defense solutions, and the company’s groundbreaking work in autonomous systems is unlocking new possibilities in areas like farming, national defense, and scientific research. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, and unmatched service. For more information, visit

Additional Information and Where to Find It
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In connection with the proposed transaction, Raven Industries, Inc. (“Raven”) will file a proxy statement on Schedule 14A with the Securities and Exchange Commission (“SEC”), as well as other relevant materials regarding the transaction. Following the filing of the definitive proxy statement, Raven will mail the definitive proxy statement and a proxy card to its shareholders in connection with the transaction. INVESTORS AND SECURITY HOLDERS OF RAVEN ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CNH INDUSTRIAL N.V. (“CNH INDUSTRIAL”), RAVEN, THE TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain copies of the proxy statement (when available) as well as other filings containing information about CNH Industrial and Raven, without charge, at the SEC’s website,, and Raven stockholders will receive information at an appropriate time on how to obtain transaction-related documents free of charge from Raven.

Participants in Solicitation
Raven and its directors and executive officers, and CNH Industrial and its directors and executive officers, may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Raven is set forth in the proxy statement for Raven’s 2021 Annual Meeting of Stockholders, which was filed with the SEC on April 9, 2021. Information about the directors and executive officers of CNH Industrial is set forth in CNH Industrial’s annual report on Form 20-F for the year ended December 31, 2020, which was filed with the SEC on March 3, 2021. Investors may obtain additional information regarding the interest of such participants by reading the proxy statement regarding the proposed transaction when it becomes available.

Cautionary Language Concerning Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the proposed transaction between CNH Industrial and Raven, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, plans, objectives, expectations and intentions of the parties with respect to the transaction, CNH Industrial’s, Raven’s and/or the combined group’s estimated or anticipated future business, performance and results of operations and financial condition, and other statements that are not historical facts. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on CNH Industrial’s and Raven’s current state of knowledge, expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, persons reading this communication are cautioned not to place undue reliance on them.
These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the risk that Raven stockholders may not approve the transaction; the failure to obtain necessary regulatory approvals or that such approvals will subject to conditions that are not anticipated; risks that any of the other closing conditions to the proposed transaction may not be satisfied in a timely manner; adverse effects on CNH Industrial’s or Raven’s operating results because of a failure to complete the proposed transaction; the failure to realize the expected benefits and synergies of the pending acquisition; the failure to successfully and effectively integrate Raven’s businesses; significant transaction costs and/or unknown or inestimable liabilities; risks related to potential litigation associated with the proposed transaction; risks related to financial community and rating agency perceptions of each of CNH Industrial and Raven and its business, operations, financial condition and the industry in which it operates; risks related to the disruption of management time from ongoing business operations due to the proposed merger; failure to realize the benefits expected from the proposed merger; effects of the announcement, pendency or completion of the proposed transaction on the ability of CNH Industrial or Raven to retain customers and retain and hire key personnel and maintain relationships with their suppliers, and on their operating results and businesses generally; general economic and business conditions that affect the combined companies following the consummation of the pending acquisition, including the significant economic uncertainty and volatility caused by COVID 19; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; development and use of new technologies and technological difficulties; and other similar risk and uncertainties and the success of CNH Industrial and Raven in managing the risks and uncertainties involved in the foregoing. The effects of the COVID-19 pandemic may give rise to risks that are currently unknown or amplify the risks associated with the foregoing factors.
Any forward-looking statements contained in this document speak only as of the date hereof and CNH Industrial and Raven disclaim any obligation to update or revise any forward-looking statements. Further information concerning CNH Industrial and Raven and their respective businesses, including additional risks and uncertainties, are included in CNH Industrial’s reports and filings with the SEC, the Autoriteit Financiële Markten and Commissione Nazionale per le Società e la Borsa and Raven’s reports and filings with the SEC.

Media Contacts:

CNH Industrial

Richard Gadeselli, Tel: +44 207 7660 346
Francesco Polsinelli, Tel: +39 335 1776091
Rebecca Fabian, Tel: +1 312 515 2249

Raven Industries

Margaret Carmody, +1 605 336 2750

Investor Relations

CNH Industrial

Federico Donati, Tel: +44 207 7660 386
Noah Weiss, Tel: +1 630 887 3745

Raven Industries

Jared Stearns, Tel: +1 605 336 2750

1 Consolidated cash refers to Cash and Cash Equivalents of the Group, which amounted to $7.1 billion at the end of March 2021
2 Third party debt of Industrial Activities amounted to $6.3 billion at the end of March 2021


Rock Entertainment and Kiswe Partner to Localize Esports Tournaments in Asia-Pacific (APAC)

Partnership brings popular esports tournament 2021 VALORANT Champions Tour to APAC audience

NEW PROVIDENCE, N.J., June 20, 2021 (GLOBE NEWSWIRE) — Kiswe, the global interactive video company, and Rock Entertainment Holdings announced a collaboration to easily and cost-effectively localize the world’s biggest esports tournaments for broadcast in the APAC region. The partnership will enable Rock Entertainment to bring esports content from around the world and make it specific to APAC, creating fully immersive, customized gaming experiences for players and fans in their native language.

As part of the collaboration, Kiswe Studio localized popular esport tournament 2021 VALORANT Champions Tour Stage 1 and 2 – Challengers Hong Kong/ Taiwan for Rock Entertainment and then streamed onto their linear channel “Blue Ant Extreme” in March and April 2021. Viewers can also look out for 2021 VALORANT Champions Tour Stage 3 Finals – Challengers Hong Kong/ Taiwan LIVE in July 2021, as well as other upcoming esport matches.

The esports industry is forecasted to reach $1.5B for 2023. Yet despite being virtual, many tournaments are currently being produced with commentary, graphics, and video that cater only to local markets, missing a huge opportunity to extend their reach and monetize much broader audiences. Kiswe Studio empowers event organizers to create and scale personalized content anywhere and in any language.

The partnership will allow esports producers and casters to work remotely, eliminating travel and equipment costs and risks associated with onsite production, and creating new opportunities to offer premium content and competitions and grow diverse audiences. Networks will also have the ability to cost-effectively localize games, tap new markets for innovative content, and open up new monetization avenues. Gamers can look forward to watching and interacting with bespoke, top-tier competitive gaming content from around the world in their own native languages.

“We are excited to be working with Kiswe to bring Valorant and other live and localized esports broadcasts to our viewers across Asia,” said Beatrice Lee, CEO Asia Pacific, Rock Entertainment Holdings. “This partnership is about delivering the content our esports fans love in a personalized and inclusive way.”

“The globalization of exports also necessitates its localization and simple translation is not enough,” said Kiswe CEO, Mike Schabel. “Kiswe Studio can adapt esports games from anywhere so that even the most subtle cultural nuances are captured for any region, delivering the most enjoyable gaming experiences.”

About Kiswe
Kiswe is an interactive video company that creates real-time live streams to engage digital audiences and unique communities around the world. Kiswe’s award-winning technology also unlocks ways for people to stay connected over live events through a content creation and mobile platform that bridges media companies with consumers. Kiswe is headquartered in New Jersey, USA and has offices in New York, Seoul, Belgium, and Singapore. Learn more at

About Rock Entertainment:
Rock Entertainment distributes content on a branded and unbranded basis across the globe. Offerings include natural history, factual, entertainment, short-form digital and pre-school kids programming that engage audiences worldwide through multiple platforms, including television, digital, OTT and live events. Rock Entertainment’s channel business offers a portfolio of media brands such as Love Nature 4K, ZooMoo Networks (International), Smithsonian Channel (Asia, Middle East & Africa + Turkey), Blue Ant Entertainment (Asia), Blue Ant Extreme (Asia) and Makeful (Asia), with a catalogue of 2,000+ hours of content, including the largest 4K natural history offering on the market.

About Blue Ant Extreme:
Blue Ant Extreme is a channel fully dedicated to extreme content. Audiences can expect adrenaline-pumping, exclusive content across a variety of genres, including extreme sports, reality, paranormal, gaming and adventure. Spine thrilling series include Paranormal Survivor and My Worst Nightmare; extreme adventure content with Spy Games, Ninja Warrior UK and Conquering Northern China; and exciting gaming action from celebrated digital brands, Arcade Cloud and Wisecrack.

Cassady Nordeen
Purpose Worldwide
(718) 644-0273

Japan Begins Workplace Vaccination Program

Thousands of Japanese companies began the rollout of their workplace vaccine programs Monday, inoculating company workers and their families.

Some of the companies had been critical of what they said was the government’s slow pace of Japan’s COVID-19 inoculation campaign.

Toyota and Suntory are among the companies participating in the workplace program with vaccines provided by the government.

Thousands of people are expected to receive shots through the workplace initiative.

The start of the workplace program comes just weeks before the opening of the Tokyo Olympics.

In India, the health ministry reported 53,256 new COVID cases Monday in the previous 24-hour period, the lowest daily number in 88 days, or about 3 months.

Taiwan recorded its lowest number of new COVID-19 infections since May 15. Health officials announced 75 new infections Monday. Sunday Taiwan received 2.5 million COVID-19 vaccines from the United States.

There are more than 178 million global COVID infections as of Monday, according to the Johns Hopkins Coronavirus Resource Center. The U.S. has the most with 33.5 million, while Brazil has 18 million.

Brazil became the second country, behind the United States, to record more than half a million COVID-19 deaths, a Health Ministry official said Saturday.

Health Minister Marcelo Queiroga tweeted, “500,000 lives lost due to the pandemic that affects our Brazil and the world,” according to an the Agence France-Presse. “The third wave is arriving; there’s already a change in the case and death curves,” Ethel Maciel, an epidemiologist from Espirito Santo University, told AFP. “Our vaccination (program), which could make a difference, is slow and there are no signs of restrictive measures; quite the contrary.”

Britain held its first full music festival since all mass events were canceled in March of last year, the start of the pandemic.

About 10,000 fans attended a three-day Download Festival held at Donington Park in central England. The event, which ended on Sunday, featured 40 U.K.-based bands.

All of those who attended, which was only about a tenth of the festival’s pre-pandemic audience, were required to take COVID-19 tests before the event. Neither masks nor social distancing protocols was required, event organizers said.

Britain has recorded nearly 128,000 COVID-19-related deaths, the fourth most in the world and the worst in Europe. It also ranks seventh in the number of confirmed cases of the coronavirus, with 4.6 million.

Last week, Prime Minister Boris Johnson delayed by four weeks a planned lifting of coronavirus-related restrictions.

The restrictions were set to be lifted Monday but will now run through July 19. Britain is battling the highly contagious Delta variant of the virus, which was first identified in India.

Source: Voice of America

COVID-19 Slashes Immigration into Australia

SYDNEY – New figures show that migration to Australia plummeted last year to the lowest level in more than 100 years.

Modern Australia has been built on immigration. Thirty percent of the population was born overseas. Migrants from England are the biggest group, followed by India and China.

Australia has relied on new settlers for much of its economic growth in recent decades.

But COVID-19 has applied the brakes to immigration.

The government in Canberra closed the country’s borders to most foreign nationals in March 2020 to curb the spread of COVID-19, and those restrictions are likely to remain for another year.

In 2020, just 3,300 migrants moved to Australia — a small fraction of the 244,000 arrivals the previous year. The collapse in numbers has affected many businesses unable to recruit skilled workers from overseas, as well as universities which have relied on large numbers of international students.

Mark McCrindle, founder of the McCrindle Research agency, says the turnaround has been significant.

“It is phenomenal. We were growing through migration. In fact, prior to the pandemic 60% of our population growth was because of arrivals from overseas. Last year that was just 2%. So, 98% of our growth is natural increase at the moment and even the births are not doing very well. So, we just have not seen such low numbers, such small growth in Australia for a century,” McCrindle said.

Canberra has set a limit of 13,750 places on its annual Refugee and Humanitarian Program, although border closures have made it almost impossible for successful applicants to travel to Australia.

The pandemic has also reshaped internal migration in Australia. Regional areas that are outside of major cities have had their largest net inflow of people since the Australian Bureau of Statistics (ABS) started measuring domestic migration in 2001.

The ABS said 43,000 Australians moved to regional areas from major cities in 2020, more than double the number in 2019.

Experts have estimated that it could take Australia as much as a decade for its immigration intake to return to pre-pandemic levels.

Source: Voice of America