SIOUX FALLS, S.D., Oct. 28, 2019 (GLOBE NEWSWIRE) — Raven Industries, Inc. (the Company; NASDAQ: RAVN) announced today details of its strategic plan, which include a significantly increased level of investment in targeted areas in order to drive greater earnings growth and long-term value. Over the next several years, the Company will advance two strategic platforms for growth: Raven Autonomy™ and Raven Composites™.
“The strength of our market positions and technology offerings has never been greater than it is today,” said Dan Rykhus, Chief Executive Officer and President of Raven Industries. “Now is the time to leverage our positions in these expanding markets in order to drive significant growth in company performance over the long-term — and we couldn’t be more excited for the opportunities in front of us.”These two strategic growth platforms are a result of the development and growth in these key markets and directly align with the Company’s business model, which is to serve market segments with strong growth prospects. Autonomous agriculture technology is expected to develop rapidly over the next five years. Additionally, the composites market is expected to expand significantly as the need for these materials increases across several applications.Raven Autonomy™ is a strategic growth platform which will propel its Applied Technology Division to become the industry leader in autonomous agricultural solutions. This strategic growth platform builds upon our existing machine control technology, while also innovating smart machine platforms/implements to achieve fully autonomous solutions across the farming enterprise.
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