The recent purchase of Raven Engineered Films Inc. included a provision that the South Dakota film and sheeting maker create a new name for itself.
Three months into new ownership, the Sioux Falls company will now be known as Viaflex Inc.
"Part of the agreement when Engineered Films separated from Raven was for us to develop a new name and brand. While some may have seen this as an inconvenience, we at Engineered Films saw it as an opportunity to shape and position ourselves in a way that aligned with our products, services, people and vision for the future," CEO Scott Wickersham said in an email interview.
The new Viaflex name will differentiate the film and sheet business from previous owner Raven Industries Inc., which is owned by CNH Industrial NV, the company behind the Case and New Holland farm equipment brands. CNH was attracted to Raven Industries for its GPS-based autonomous farming technologies that guide equipment.
CNH purchased Raven Industries in June 2021, so the film and sheet unit knew that operation eventually would need another name under new ownership to differentiate itself from the farming side of the business.
"We worked with a branding agency out of Minneapolis. The naming process took around 9 months before we had a new name selected with a name statement, mission statement and designed logo," Wickersham explained.
Raven Engineered Films, now Viaflex, makes covers and liners for the agricultural, energy and environmental sectors as well as construction films and industrial packaging.
Viaflex's manufacturing covers seven locations totaling nearly 775,000 square feet in Sioux Falls and includes blown and cast film and sheeting equipment, lamination/coating and conversion capabilities and a testing and development facility, according to the company's website.
Raven Engineered Films posted sales of $163 million for the 12 months prior to the June 2021 announcement of the purchase by CNH. That segment posted 19 percent earnings before interest, taxes, depreciation and amortization over the same period.