CNH Industrial sells Ravens speciality film division for $350 million

MILAN Reuters – Agricultural and construction machine maker CNH Industrial said on Friday it had sold the engineered films division on its Raven Industries unit to private equity firm Industrial Opportunity Partners IOP for 350 million.

The sale of Raven Engineered Films Division EFD follows CNH Industrials 2.1 billion purchase of U.S. based Raven Industries last year to bolster its agricultural equipment business.

As part of the deal the ItalianAmerican group started a business review on Ravens two other businesses, focusing on highperformance specialty films and aerospace and defense solutions for a possible sale.

The sale of Raven EFD business is subject to customary closing adjustments, CNH said in a statement.

Goldman Sachs and Barclays acted as financial advisors to CNH Industrial, it added.

Raven‘s Aerostar unit is still part of the group but Chief Executive Scott Wine has said CNH’s orientation was to sell it too and that there was strong buyer interest.