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. 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 enhancing 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 the novel, connected technologies, allowing them to be more productive and efficient,”

said Scott Wine, Chief Executive Officer, CNH Industrial.

“Our Board and Management are excited about this partnership and what it means for our future. 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,”

said Dan Rykhus, President & Chief Executive Officer for Raven Industries.

“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. 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 to 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,”

added Wine.

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 the calendar year 2025, resulting in US$150 million of incremental EBITDA.

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 activities. 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.

Source: Raven Industries

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They are taking the potential risks of the coronavirus very seriously and are committed to doing their part to keep their colleagues, their families and the communities where they operate safe. They are taking necessary precautions throughout their business including:

• Enhancing hygiene and cleaning protocols in all facilities
• Implementing a minimal staff model at their critical global offices and facilities with all employees who are able to work remotely doing so
• Prohibiting all non-critical travel for employees and contractors and all non-business-critical visitation to their facilities
• Actively screening all visitors including delivery drivers, for COVID-19 symptoms
• Implementing procedures to address potential employee or partner exposure issues following CDC guidelines for mitigation and reaction, quarantining, and cleaning.

They are closely monitoring the situation and are communicating regularly with their employees and customers through various channels as the situation continues to evolve.

If you are an ADM customer, please see more detailed information here about their supply chain.

Source: ADM

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The prestigious award is presented annually to a farmer cooperative director in recognition of outstanding leadership and contributions to his/her cooperative’s achievements. Davis has served on the AGP Board of Directors for over 26 years and as AGP Chairman since 2002. During that time, Davis also served as General Manager of Gold‐Eagle Cooperative, a position he held for over 35 years. Overall, he held various roles in the cooperative system for more than 40 years.

“Brad’s leadership as Chairman of the AGP Board reflects his commitment to cooperative values and our mission to serve agriculture. His insights and dedication to collaboration and communication enhance our strategic planning and investment programs, and have been an important part of the ongoing success of AGP”

said AGP CEO Keith Spackler.

Commenting on his award, Davis said, “I’m very honored and humbled to receive this award and I want to sincerely thank the NCFC and its membership.”

He added:

“The AGP Board of Directors and management have a very open and supportive relationship, and it is so rewarding to work with so many outstanding members of the AGP team. I believe the strength of the cooperative model at AGP mirrors a set of shared values we all strive to incorporate into our lives, our businesses, and our relationships. Moreover, I am proud of AGP’s commitment to share successes with its many cooperative owners, employees, and other stakeholders.”

The nominees for the award are examined by a panel of judges representing the NCFC membership and outside experts. Nominees are evaluated on four broad criteria: how well the nominee understands the cooperative; the ability to provide leadership and be a team player; the possession of good business judgment; and the ability to communicate effectively.

The NCFC Director of the Year award includes a dedicated scholarship for agricultural studies in the name of the recipient to an institution of higher learning of choice. Davis chose Iowa State University to receive the scholarship funds.

AGP is a leading agribusiness with primary operations as a major U.S. soybean processor/refiner producing and marketing soybean meal, refined soybean oil, and biodiesel. AGP businesses also include agricultural product trading in domestic and international markets and numerous U.S. grain elevator operations. AGP is owned by local and regional cooperatives representing farmer‐producers across the United States. Corporate headquarters are located in Omaha, Nebraska.

About NCFC

Since 1929, NCFC has been the voice of America’s farmer cooperatives. Their members are regional and national farmer cooperatives, which are in turn composed of nearly 2,000 local farmer cooperatives across the country. NCFC members also include 26 state and regional councils of cooperatives. Farmer cooperatives allow individual farmers the ability to own and lead organizations that are essential for continued competitiveness in both the domestic and international markets.

Source: AG Processing

The post AGP nominates Chairman Brad Davis Director of the Year appeared first on North America FarmQuip Magazine.