Raven Unveils $40 Mln Stock Buyback Program

(RTTNews) - Raven Industries, Inc. (RAVN) announced today that its board of directors has authorized a $40 million stock buyback program.

Separately, Raven said that its Engineered Films Division has acquired Integra Plastics, Inc., for about $48 million in cash and stock.

Terms of the transaction include cash payments of $9 million and the issuance of 1.54 million shares of Raven common stock.

Headquartered in Madison, SD, privately held Integra specializes in the manufacture and conversion of high-quality plastic film and sheeting. With 12-month sales of more than $35 million,

The $40 million open-market stock repurchase program is designed to substantially offset the shares issued under the merger agreement.