Raven Industries To Buy Ranchview Assets
October 28, 2009 (FinancialWire) — Raven Industries, Inc. (NASDAQ: RAVN) said it has entered into a purchase agreement to buy substantially all of the assets of Ranchview, Inc., a privately-held Canadian firm. Financial terms were not disclosed.
Ranchview, a start-up company, develops products that use cellular networks instead of the traditional radio systems that are typically used to deliver “real time kinematic corrections to GPS enabled equipment.
According to Raven, RTK corrections improve the accuracy of GPS equipment. The network can also be used to provide high speed internet access.
Raven CEO Ronald M. Moquist said, “This product line is a natural extension and fits well with our strategy to improve the movement and use of data in agriculture, plus it provides a simpler solution for providing RTK corrections.”
He added that Raven anticipates that the acquisition will contribute to next year’s earnings, but that “How much will depend on the success of the Ranchview products and services as they are rolled out.”
Raven Industries, Inc.
Sioux Falls, South Dakota-based Raven is an industrial manufacturer that provides agriculture products, reinforced plastic sheeting, electronics manufacturing services, and specialty aerostats and sewn products to niche markets.
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