Raven Industries Inc. (NASDAQ: RAVN) today announced that its Applied Technology Division (ATD) has acquired SBG Innovatie BV and its affiliate, Navtronics BVBA. Headquartered in Middenmeer, Netherlands, SBG manufactures advanced GPS steering systems for a variety of agricultural applications. The acquisition broadens Raven’s guided steering system product line by adding high-accuracy implement steering applications. Additionally, SBG’s headquarters will become the new home office for Raven in Europe, expanding the company’s global presence and reach into key European markets. The purchase is not expected to have a material impact on Raven’s fiscal 2015 results.
“SBG specializes in very precise, real time kinematic, or RTK, GPS steering systems with a focus on high-value crops. Their highly accurate implement steering technology broadens Raven’s existing product line and integrates well into the Raven product portfolio.” said Matt Burkhart, ATD’s Division vice president and general manager. “We are proud to welcome the SBG organization into the Raven family. Our innovative cultures align very well, and SBG’s leading technology and strong team members will be a great compliment to further Raven’s position as a leader in the precision ag market.”
Said Daniel A. Rykhus, Raven’s president and chief executive officer, “Our priorities within ATD are to drive growth through international market expansion, new products and broadening OEM relationships. We believe SBG can help further these strategies and position us for success in new markets.”
Said Rik van Bruggen, managing director of SBG, “We’re excited to join Raven so that, together, we can expand Raven’s footprint in key geographies and augment their expertise and product line. In turn, Raven’s scale and resources will allow SBG to realize our dream of growing the business and helping customers increase yields and efficiencies. Raven is a good partner for us because they are committed to increasing their presence in Europe and providing additional opportunities for our team.”
Effective immediately, SBG’s products will be offered as a part of Raven’s lineup of precision ag products. Sales team members from both companies will be offering the combined product lines. For more information, please visit www.ravenprecision.com/sbg or visit the two companies together at the Cereals Event in Cambridgeshire, United Kingdom, June 11-12, 2014.
About SBG
SBG Precision Farming was founded in 2003 under the name SBG Innovatie BV. Since then, the company has become one of the largest providers of precision agricultural products in the Netherlands with a growing dealer network throughout Europe. They specialize in high accuracy precision steering systems for agricultural applications. Navtronics BVBA is a research and development affiliate of SBG located in Geel, Belgium.
About Raven Industries Inc.
Since 1956, Raven Industries has designed and manufactured high-quality, high-value technical products. Raven is publicly traded on NASDAQ (RAVN) and has earned an international reputation for innovation, product quality, high performance and unmatched service. With strengths in engineering, manufacturing, and technological innovation, Raven serves the precision agriculture, high performance specialty films, aerospace, and electronic manufacturing services markets. Visit www.RavenInd.com for more information.
