Financial Releases

Raven Announces Historic $5 Million Gift to South Dakota State University

January 9, 2018 at 4:45 PM EST
Gift to Support Precision Agriculture Facility

SIOUX FALLS, S.D., Jan. 09, 2018 (GLOBE NEWSWIRE) -- Raven Industries(NASDAQ:RAVN) announced today that it is awarding South Dakota State University (SDSU) with a historic gift of $5 million for the establishment of its Precision Agriculture Facility within the College of Agriculture and Biological Sciences on its main campus in Brookings, S.D.

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SDSU is the first land-grant university in the country to offer both a four-year degree and a minor in precision agriculture. The Precision Agriculture Facility will be the nexus for innovation and collaboration across several disciplines, including engineering, agronomy, horticulture, mathematics and the decision sciences.

“As a leader in precision agriculture, Raven recognizes this unique opportunity to partner with SDSU,” stated Dan Rykhus, President and CEO of Raven Industries. “SDSU is leading the way in the development of the next generation of precision agriculture innovators with an enriching, multidisciplinary education and a robust learning experience. Raven and SDSU have enjoyed a long and positive relationship, and this facility will lead to further collaboration with faculty, staff, and students on emerging technology in support of the growing need for precision agriculture practices and tools.”

Precision agriculture combines agronomic practices with farm machinery technology and actionable data. As the world population continues to increase, the demand for ag technology that promotes environmental stewardship — allowing farmers to grow more with less — is rising.

“Our investment in this partnership reflects our strong belief that the demand for precision ag technology and solutions is rapidly growing across the globe,” continued Rykhus. “We believe it is our responsibility to help solve that great challenge.”

“This generous gift by Raven will help transform the state of South Dakota into a global leader within an expanding precision agriculture industry,” said SDSU President Barry Dunn. “The proposed facility will enhance innovation and the development of educational programs that will deliver applications to enable data-driven decisions in precision farming, ranching and conservation. It will promote the type of collaboration between faculty, students and industry experts that will change agriculture and make our region and world a better place. Together, Raven and South Dakota State University are working to build a strong future and precision agriculture is that future.”

This gift is an investment in the current and future workforce of South Dakota. Raven and SDSU strongly believe that the state will be well-served by this partnership. Bringing this exceptional facility to South Dakota will allow the state to lead the nation in precision agriculture education, research and extension. From state and economic benefits to the development of a highly trained workforce, South Dakota is well-positioned to benefit from precision agriculture technology and adoption.

Supporters of the project will seek legislative authority during the 2018 session to start construction of the Precision Agriculture Facility. A construction timeline will not be determined until legislative authority is granted.

About Raven Industries, Inc.
Raven Industries (NASDAQ:RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.

About South Dakota State University
Founded in 1881, South Dakota State University is the state’s Morrill Act land-grant institution as well as its largest, most comprehensive school of higher education. SDSU confers degrees from six different colleges representing more than 200 majors, minors and specializations. The institution also offers 36 master’s degree programs, 15 Ph.D. and two professional programs.

The work of the university is carried out on a residential campus in Brookings, at sites in Sioux Falls, Pierre and Rapid City, and through Extension offices and Agricultural Experiment Station research sites across the state.

Contact Information

Margaret Carmody, Director of Communications
Raven Industries, Inc.
+1 (605) 336-2750

Mike Lockrem, Director University Marketing and Communications
South Dakota State University
+1 (605) 695-0406

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Source: Raven Industries, Inc.