Raven Industries Board Announces Reallocation of Capital to Boldly Invest for Growth
August 26 2020 - 6:00PM
Business Wire
Company’s Quarterly Dividend Indefinitely
Suspended
Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced
today that its board of directors has indefinitely suspended the
Company’s regular quarterly cash dividend on its common stock.
By suspending the dividend, the Company will retain nearly $20
million in capital on an annual basis. The Company intends to
reallocate this capital to supplement and accelerate investments in
Raven Autonomy™ and Raven Composites™. The opportunity for
significant long-term growth from these investments is substantial,
and the Company believes this to be the most appropriate use of
capital to drive long-term growth in shareholder value.
“We are fully committed to boldly investing in the future of our
company, and now is the time to accelerate investment into Raven
Autonomy™ and Raven Composites,” said Dan Rykhus, President and
CEO. “This decision speaks greatly to the tremendous opportunities
in front of us and is being taken from a position of strength, with
utmost confidence in our future.”
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200826005770/en/
Jared Stearns, Investor Relations Manager Raven Industries +1
(605) 336-2750 irinfo@ravenind.com
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