SIOUX FALLS, S.D., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (Nasdaq:RAVN) announced a collaboration with Kinze Manufacturing, Inc. to bring a new multi-hybrid planter control system to Kinze's world-leading product offering. In the summer of 2013, Raven introduced the first commercially available multi-hybrid planter solution that allows growers to switch between two hybrids on the fly.
As part of the collaboration, Raven will be the technology provider for Kinze's new 4900 series multi-hybrid concept planters being tested with select North American producers in the spring of 2014. This planter will be the first to offer producers this capability as a factory-installed option. In addition, Beck's Hybrids, the world's largest family-owned independent seed company, will be providing their agronomic expertise to strengthen their position as a leader in multi-hybrid planting as well as seed selection. Beck's introduced their first multi-hybrid planter in 2012 and will be starting their third year of testing in 2014.
"Multi-hybrid technology allows corn planting to include precision hybrid placement," said Jason Webster, Central Illinois Practical Farm Research Director for Beck's Hybrids. "Placing the correct corn hybrid is one of the most important decisions a grower can make each and every year. Our multi-hybrid testing at Beck's has shown significant yield gains and profitability by changing corn hybrid placement on the fly based upon varying degrees of yield potential throughout a field."
"We're very excited to see a quick adoption of this ground-breaking technology with one of the world's leading manufacturers, Kinze. Growers will quickly realize the benefits of a multi-hybrid system and the resulting ROI through the use of that technology," said Matt Burkhart, Vice President and General Manager for Raven's Applied Technology Division.
To learn more about Raven Industries and their multi-hybrid planter system, please visit ravenprecision.com.
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. Raven's purpose is to solve great challenges in areas of safety, feeding the world, energy independence, and resource preservation. To realize this purpose, we utilize our strengths in engineering, manufacturing, and technological innovation to serve the precision agriculture, high performance specialty films, aerospace, and electronic manufacturing services markets. Visit www.RavenInd.com for more information.
Forward-Looking Statements: 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 inability to achieve objectives established for research and development activities, or changes in competition, raw material availability, technology or relationships with the company's largest customers—any of which could adversely affect any of the company's product lines—as well as other risks described in Raven'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: Ryan Molitor
Source: Raven Industries, Inc.