CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced that
it has completed its acquisition of Raven Industries, Inc., a
U.S.-based leader in precision agriculture technology. The
acquisition builds upon a long partnership and is an important
milestone in CNH Industrial's digital transformation.
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“Raven is a true pioneer in the precision agriculture space, and
their technology is a perfect strategic fit that will differentiate
us from our peers and significantly improve our competitive
position,” said Scott Wine, Chief Executive Officer, CNH
Industrial. “This acquisition will add strong innovation
capabilities to accelerate our precision and digital strategy. I
would like to commend both the Raven and CNH Industrial teams who
are collaborating closely on a seamless transition to make this
truly transformative deal progress smoothly.”
CNH Industrial is laser focused on delivering immediate value
for its brands’ dealer partners and their customers, the world’s
farmers. The first in-house products featuring fully integrated
Raven precision agriculture systems will become available in
2022.
Headquartered in Sioux Falls, South Dakota, Raven was founded
over 65 years ago and has created a leadership position in
precision agriculture, high performance specialty films, and
aerospace and defense solutions.
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: www.cnhindustrial.com
Forward-looking statements All statements other than
statements of historical fact contained in this press release
including statements regarding our future responses to and effects
of the COVID-19 pandemic; competitive strengths; business strategy;
future financial position or operating results; budgets;
projections with respect to revenue, income, earnings (or loss) per
share, capital expenditures, dividends, liquidity, capital
structure or other financial items; costs; and plans and objectives
of management regarding operations and products, are
forward-looking statements. These statements may include
terminology such as “may”, “will”, “expect”, “could”, “should”,
“intend”, “estimate”, “anticipate”, “believe”, “outlook”,
“continue”, “remain”, “on track”, “design”, “target”, “objective”,
“goal”, “forecast”, “projection”, “prospects”, “plan”, or similar
terminology. Forward-looking statements, including those related to
the COVID- 19 pandemic, are not guarantees of future performance.
Rather, they are based on current views and assumptions and involve
known and unknown risks, uncertainties and other factors, many of
which are outside our control and are difficult to predict. If any
of these risks and uncertainties materialize (or they occur with a
degree of severity that the Company is unable to predict) or other
assumptions underlying any of the forward-looking statements prove
to be incorrect, including any assumptions regarding strategic
plans, the actual results or developments may differ materially
from any future results or developments expressed or implied by the
forward-looking statements. Factors, risks and uncertainties that
could cause actual results to differ materially from those
contemplated by the forward-looking statements include, among
others: the unknown duration and economic, operational and
financial impacts of the global COVID-19 pandemic and the actions
taken or contemplated by governmental authorities or others in
connection with the pandemic on our business, our employees,
customers and suppliers, including supply chain disruptions caused
by mandated shutdowns and the adverse impact on customers,
borrowers and other third parties to fulfill their obligations to
us; disruption caused by business responses to COVID-19, including
remote working arrangements, which may create increased
vulnerability to cybersecurity or data privacy incidents; our
ability to execute business continuity plans as a result of
COVID-19; the many interrelated factors that affect consumer
confidence and worldwide demand for capital goods and capital
goods-related products, including demand uncertainty caused by
COVID-19; general economic conditions in each of our markets,
including the significant economic uncertainty and volatility
caused by COVID-19; travel bans, border closures, other free
movement restrictions, and the introduction of social distancing
measures in our facilities may affect in the future our ability to
operate as well as the ability of our suppliers and distributors to
operate; 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;
actions of competitors in the various industries in which we
compete; development and use of new technologies and technological
difficulties; the interpretation of, or adoption of new, compliance
requirements with respect to engine emissions, safety or other
aspects of our products; production difficulties, including
capacity and supply constraints and excess inventory levels; labor
relations; interest rates and currency exchange rates; inflation
and deflation; energy prices; prices for agricultural commodities;
housing starts and other construction activity; our ability to
obtain financing or to refinance existing debt; price pressure on
new and used vehicles; the resolution of pending litigation and
investigations on a wide range of topics, including dealer and
supplier litigation, follow-on private litigation in various
jurisdictions after the settlement of the EU antitrust
investigation announced on July 19, 2016, intellectual property
rights disputes, product warranty and defective product claims, and
emissions and/or fuel economy regulatory and contractual issues;
our pension plans and other post-employment obligations; further
developments of the COVID-19 pandemic on our operations, supply
chains, distribution network, and level of demand for our products,
as well as negative evolutions of the economic and financial
conditions at global and regional levels; political and civil
unrest; volatility and deterioration of capital and financial
markets, including possible effects of “Brexit”, other pandemics,
terrorist attacks in Europe and elsewhere; our ability to realize
the anticipated benefits from our business initiatives as part of
our strategic plan; the impact of significant or unanticipated
material extraordinary transactions or any business combinations
and other similar transaction on our businesses; our failure to
realize, or a delay in realizing, all of the anticipated benefits
of our acquisitions, joint ventures, strategic alliances or
divestitures; expected benefits and costs of the proposed spin-off
of the Company’s On-Highway business; the expected timing of
completion of the spin-off transaction; the ability of the Company
to complete the spin-off transaction considering the various
conditions to the completion of the spin-off transaction (some of
which are outside the Company’s control); business disruption
during the pendency of or following the spin-off transaction,
diversion of management time on the spin-off transaction-related
issues, and other similar risks and uncertainties, and our success
in managing the risks involved in the foregoing. Further
information concerning factors, risks, and uncertainties that could
materially affect the Company’s financial results is included in
our annual report on Form 20-F for the year ended December 31,
2020, prepared in accordance with U.S. GAAP and in the Company’s EU
Annual Report at December 31, 2020, prepared in accordance with
EU-IFRS. Investors are expressly invited to refer to and consider
the information on risks, factors, and uncertainties incorporated
in the above-mentioned documents, in addition to the information
presented here. Forward-looking statements speak only as of the
date on which such statements are made, and we undertake no
obligation to update or revise publicly our forward-looking
statements, whether as a result of new developments or
otherwise.
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