CNH Industrial NV (NYSE:CNHI) and Raven Industries Inc. (NASDAQ:RAVN) have inked a deal recently. The deal will help Raven Industries to extend its products and technology through CNH Industrial brands global dealer network.
The new agreement will help both the companies to enhance customers’ efficiency, reduce input costs and deliver higher returns. Both CNH Industrial NV (NYSE:CNHI) and Raven are of the view that the income growth, as well as population growth in the developing economies, will drive higher food demand, which in turn, will support their development.
Raven has been a renowned supplier of high quality and innovative agricultural products that boost growers’ capacity and custom applicators. While Raven is already investing in growing economies across the globe, it sees the wide potential that can be met through its precision agricultural products.
Meanwhile, CNH Industrial NV (NYSE:CNHI) has progressed ahead with the conclusion of the first of its unit at Burlington, Iowa plant. The CASE 750M dozer is the first one to complete following the company’s production expansion at its Burlington plant.
The facility currently produces backhoes, tractor loaders and rough-terrain forklifts and headers for multiple brands. The company stretched its production facility by introducing a paint line, computer numerical control (CNC) and welding equipment and assembly line.
The company’s Vice President of Manufacturing Operations, North America, said that the expansion has well-positioned them to meet the market demand. It is to be noted that before Burlington, the production of dozers used to take place at the company’s Calhoun, Georgia facility, which was later shut down on August 31. The transition of dozer production to Burlington signifies the company’s effort to create a flexible, lean industrial operation and optimized manufacturing footprint.
The stock of CNH Industrial NV (NYSE:CNHI) traded up by 1.55% to $7.35 during the after-hours trading session.