Raven Industries

From Justapedia, unleashing the power of collective wisdom
Jump to navigation Jump to search
Raven Industries, Inc.
IndustryAgriculture
FoundedFebruary 11, 1956
Sioux Falls, South Dakota, US
FounderJ.R. Smith
Ed Yost
Duwayne Thon
Joseph Kaliszewki
HeadquartersSioux Falls, South Dakota, US
Area served
Worldwide
Key people
Daniel A. Rykhus, President & CEO
Steven Brazones, CFO
RevenueDecrease US$ 378M (2015)[1]
Decrease US$ 44M (2015)[1]
Decrease US$ 32M (2015)[1]
Total assetsIncrease US$ 363M (2015)[1]
Total equityIncrease US$ 305M (2015)[1]
ParentCNH Industrial
WebsiteRaven Industries

Raven Industries, Inc. is an American company that manufactures precision agriculture products, high-altitude balloons, plastic film and sheeting, and radar systems. The company was founded in 1956. Their headquartered in Sioux Falls, South Dakota. Stock in the company was traded on Nasdaq until 2021 when it was acquired by CNH Industrial.

History

Established in 1956 to make high-altitude balloons, Raven was launched by a group of General Mills employees, including General Mills High Altitude Research division employee Ed Yost.[2][3] Yost claimed to pick Sioux Falls for its favorable wind conditions.[2]

After its establishment, the company's product offerings expanded to include items such as commercial and recreational hot air balloons, electronics manufacturing, large plastic storage containers for use in agriculture, pickup toppers, and winter outerwear.

Raven, along with Piccard Balloons and Semco were among the first manufacturers of hot air balloons that kicked off the resurgence of ballooning in the mid-1960s. In fact, Ed Yost began this series of events when he built and flew a 40 ft (12 m)-diameter balloon a distance of three miles on 22 October 1960. Raven subsequently built and sold some of the first modern hot air balloons, beginning in the mid-1960s.[4][needs update]

The U.S. military and other government agencies were among its clients, and besides the U.S. Department of Defense, Raven Industries had other big name customers such as Google.[5]

After the 2021 acquisition by CNH Industrial, the company was restructured to focus on it's precision agriculture products. The Engineered Films division was acquired by a private equity firm, Industrial Opportunity Partners.[6] The stratospheric balloon and radar division, Aerostar, was acquired by TCOM Holdings.[7]

Products and business areas

As of 2022, the company has shifted focus to autonomous precision technology.

  • Autonomy[8]
  • Connectivity & Logistics[9]
  • Guidance[10]
  • Application and Boom Controls[11]
  • Displays[12]

References

  1. ^ a b c d e "Raven Industries, Inc. 10-K".
  2. ^ a b "Raven Industries, Inc. - Company Profile, Information, Business Description, History, Background Information on Raven Industries, Inc". referenceforbusiness.com. Retrieved October 4, 2018.
  3. ^ RAVN profile Yahoo Finance
  4. ^ "National Balloon Museum - History of Ballooning". Archived from the original on 2010-08-31. Retrieved 2010-06-09. Modern hot-air ballooning was born October 22, 1960 when Paul E. (Ed) Yost piloted the maiden flight of a balloon employing a new envelope and a new propane burner system which he developed. The flight lasted 25 minutes and traveled 3 miles ... The balloon was 40 feet in diameter with a volume of 30,000 cubic feet. For this accomplishment Yost is known as the father of modern hot-air ballooning. Soon, Yost’s company, Raven Industries, was making balloons for sale.
  5. ^ "Raven-Google balloon project approved in Puerto Rico". SiouxFalls.Business. 2017-10-09. Retrieved 2022-08-22.
  6. ^ "Raven's engineered films division acquired by private equity firm". SiouxFalls.Business. 2022-04-29. Retrieved 2022-10-18.
  7. ^ Lyons-Burt, Charles (2022-07-29). "TCOM Holdings Acquires Aerostar International, Adds Radar Systems Capabilities; Ron Bendlin Quoted". executivegov.com. Retrieved 2022-10-18.
  8. ^ "Autonomy". Raven Industries. Retrieved 2022-10-18.
  9. ^ "Connectivity & Logistics". Raven Industries. Retrieved 2022-10-18.
  10. ^ "Guidance". Raven Industries. Retrieved 2022-10-18.
  11. ^ "Application & Boom Controls". Raven Industries. Retrieved 2022-10-18.
  12. ^ "Displays". Raven Industries. Retrieved 2022-10-18.

Further reading

  • 'CEO Interview: Raven Industries,' Wall Street Transcript, October 24, 1994. Meyer, Harvey
  • 'Underdog: A Military Contractor Spreads Its Wings,' Journal of Business Strategy, September 19, 1997.
  • Palmer, Jay, 'Raven Industries Enjoys Ballooning Business,' Barron's, August 17, 1992, p. 14.
  • 'Raven Industries,' Implement and Tractor, January 11, 1996.'Raven Industries Acquires Norcore Plastics, Tank & Technology,' Composite News, February 10, 1997.
  • 'Raven Industries Outlook,' Dow Jones News Service, August 12, 1983.'Raven Industries Sees Net Up Strongly in 4th Quarter,' Dow Jones News Service, November 25, 1983.
  • Slovak, Julianne, 'Raven Industries,' Fortune, May 21, 1990.
  • 'Raven Aerostar News,' http://ravenaerostar.com/news.

External links

Retrieved from "https://justapedia.org/index.php?title=Raven_Industries&oldid=1117836019"