Raven Industries is expanding in Europe. The Sioux Falls-based company announced it has acquired a Netherlands company and its affiliate. SBG manufactures advanced GPS steering systems for agriculture.
Daniel A. Rykhus, Raven's President and Chief Executive Officer, said, "Our priorities within ATD are to drive growth through international market expansion, new products and broadening OEM relationships. We believe SBG can help further these strategies and position us for success in new markets."
SBG currently sells its line of GPS steering systems into 11 countries through several dealerships and OEM partners. SBG's 2013 sales were approximately $6 million. Raven paid $5 million at closing, with the potential for up to $2.5 million in additional earn out payments over the next 10 years.
The Netherlands headquarters will become Raven's European home office.