SIOUX FALLS, S.D. (AP) — CNH Industrial says it expects its $2.1 billion purchase of a South Dakota company will give it an edge in innovating autonomous technology in agriculture vehicles.
The Italian-American agriculture vehicle manufacturer said Monday it has acquired 100% of the capital stock of Raven Industries Inc. headquartered in Sioux Falls, South Dakota, for $58 per share.
The transaction will be funded with available cash on hand, CNH Industrial said, with a sale to be finalized by the end of 2021.
The company said in a statement that the sale will position it to have a greater impact on the global agriculture equipment market by “adding strong innovation capabilities in autonomous and precision agriculture technology.”