CNH Industrial Sells Raven Industries for $350M

TL;DR

CNH selling Raven to U.S. Steel for $350M, focusing on core biz.

AI Summary

CNH Industrial N.V. announced on May 3, 2024, that it has entered into a definitive agreement to sell its subsidiary, Raven Industries, Inc., to U.S. Steel for $350 million. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. This divestiture aligns with CNH Industrial's strategy to focus on its core agricultural and construction equipment businesses.

Why It Matters

This sale allows CNH Industrial to streamline its operations and focus on its core agricultural and construction segments, potentially leading to improved efficiency and profitability.

Risk Assessment

Risk Level: medium — The sale price and strategic shift could impact future growth and profitability, and the transaction is subject to closing conditions.

Key Numbers

• $350 million — Sale Price (Amount CNH Industrial will receive for Raven Industries.)

Key Players & Entities

• CNH Industrial N.V. (company) — Seller
• Raven Industries, Inc. (company) — Subsidiary being sold
• U.S. Steel (company) — Buyer
• $350 million (dollar_amount) — Sale price
• May 3, 2024 (date) — Date of agreement
• third quarter of 2024 (date) — Expected closing period

FAQ

From the Filing

0001628280-24-022287.txt : 20240509 0001628280-24-022287.hdr.sgml : 20240509 20240509164107 ACCESSION NUMBER: 0001628280-24-022287 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 20240503 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240509 DATE AS OF CHANGE: 20240509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNH Industrial N.V. CENTRAL INDEX KEY: 0001567094 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION MACHINERY & EQUIP [3531] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: P7 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36085 FILM NUMBER: 24931458 BUSINESS ADDRESS: STREET 1: 25 ST. JAMES'S STREET CITY: LONDON, STATE: X0 ZIP: SW1A 1HA BUSINESS PHONE: 011 44 1268 533000 MAIL ADDRESS: STREET 1: 25 ST. JAMES'S STREET CITY: LONDON, STATE: X0 ZIP: SW1A 1HA FORMER COMPANY: FORMER CONFORMED NAME: FI CBM Holdings N.V. DATE OF NAME CHANGE: 20130115 8-K 1 cnhi-20240503.htm 8-K cnhi-20240503 0001567094 false 0001567094 2024-05-03 2024-05-03 0001567094 us-gaap:CommonStockMember 2024-05-03 2024-05-03 0001567094 cnhi:A3850NotesDue2027Member 2024-05-03 2024-05-03 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 3, 2024 CNH INDUSTRIAL N.V. (Exact name of registrant as specified in its charter) Netherlands 001-36085 98-1125413 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) Cranes Farm Road , Basildon, Essex , SS14 3AD , United Kingdom N/A (Address of principal executive offices) (Zip Code) +44 2079 251964 (Registrant’s telephone number including area code) N/A (Former name or former address, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, par value €0.01 CNHI New York Stock Exchange 3.850% Notes due 2027 CNHI27 New York Stock Exchange Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))          Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934(§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 3, 2024, as reported below in Item 5.07, the shareholders of CNH Industrial N.V. (the “Company”) approved the plan to grant rights to subscribe for common shares of the Company to be used for making grants to non-execut