Financial Releases

Raven Industries Announces It Has Sold Its 50% Equity Interest in Falcon Plastics, Inc.

January 20, 1998 at 12:00 AM EST
Raven Industries Announces It Has Sold Its 50% Equity Interest in Falcon Plastics, Inc.

SIOUX FALLS, S.D., Jan. 20 /PRNewswire/ -- Raven Industries, Inc. (Nasdaq: RAVN) announced today that it has sold its half-ownership in Falcon Plastics, Inc., a private company located in Brookings, SD. Raven has owned a 50-percent interest in the company for approximately 22 years. Falcon makes custom injection-molded plastic parts.

The sale will result in proceeds of $3.8 million for Raven Industries, which will be paid in three cash installments. Raven management noted that the sale will not affect in any way sales of Raven but will add approximately 23 cents to net earnings per share for the current year ending January 31, 1998.

Raven Industries is a diversified manufacturer that supplies plastics, electronics and special-apparel products to various markets.