Raven Industries Restructures Electronic Systems Division to Align With Long-Term Growth Strategy
SIOUX FALLS, S.D., April 11, 2012 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (RAVN) today said it will realign the assets and team members of its Electronic Systems Division deploying them into the company's Aerostar and Applied Technology Divisions. This repositioning is expected to better align Raven's corporate structure with its mission and long-term growth strategies. Electronic Systems has historically held a complementary position at Raven. According to Dan Rykhus, President and CEO of Raven Industries, "The transition will result in more growth potential long-term and enhance our capacity to serve the needs of Electronic Systems Division's customers moving forward."
Aerostar will add contract electronics manufacturing services to its capabilities and Applied Technology will continue initiatives related to proprietary product lines. Looking forward, approximately 75% of Electronic Systems sales will go to Aerostar, the restructuring will not have a substantial impact on employment, and no material one-time costs are anticipated. After the realignment, Raven Industries will continue with its core growth divisions: Aerostar, Applied Technology, and Engineered Films.
About Raven Industries, Inc.
Since 1956, Raven Industries has designed and manufactured high-quality, high-value technical products. Raven is publicly traded on NASDAQ (RAVN) and has earned an international reputation for innovation, product quality, high performance and unmatched service. With strengths in engineering, manufacturing, and technological innovation, Raven serves the precision agriculture, high performance specialty films, aerospace, and electronic manufacturing services markets. Visit www.RavenInd.com for more information.
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. Without limiting the foregoing, the words "anticipates," "believes," "expects," "intends," "may," "plans," and similar expressions are intended to identify forward-looking statements. The company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act. Although management believes that the expectations reflected in forward-looking statements are based on reasonable assumptions, there is no assurance these assumptions are correct or that these expectations will be achieved. Assumptions involve important risks and uncertainties that could significantly affect results in the future. These risks and uncertainties include, but are not limited to, those relating to the integration of the businesses, or changes in competition, raw material availability, technology or relationships with the company's largest customersany of which could adversely affect any of the company's product linesas well as other risks described in the company's 10-K under Item 1A. This list is not exhaustive, and the company does not have an obligation to revise any forward-looking statements to reflect events or circumstances after the date these statements are made.
CONTACT: Kristin Tilus, Communications Manager Raven Industries 605-575-0640 Kristin.Tilus@ravenind.comSource: Raven Industries, Inc. 2012 GlobeNewswire, Inc.