MILAN – Agricultural and construction machine maker CNH Industrial said on Friday it had sold the engineered films division on its Raven Industries unit to private equity firm Industrial Opportunity Partners (IOP) for $350 million.
The sale of Raven Engineered Films Division (EFD) follows CNH Industrial’s $2.1 billion purchase of U.S. based Raven Industries last year to bolster its agricultural equipment business.
As part of the deal the Italian-American group started a business review on Raven’s two other businesses, focusing on high-performance specialty films and aerospace and defense solutions for a possible sale.
The sale of Raven EFD business is subject to customary closing adjustments, CNH said in a statement.
Goldman Sachs and Barclays acted as financial advisors to CNH Industrial, it added.
Raven’s Aerostar unit is still part of the group but Chief Executive Scott Wine has said CNH’s orientation was to sell it too and that there was strong buyer interest.
(Reporting by Giulio Piovaccari)