DULUTH, Ga.--(BUSINESS WIRE)--Dec. 17, 2013--
AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide manufacturer
and distributor of agricultural equipment, today announced that its
Board of Directors has authorized a share repurchase program of up to
$500 million. This program is in addition to the approximately $31
million of remaining repurchase authority under AGCO’s current
repurchase program. Share repurchases may be made by the company from
time to time in open market transactions at prevailing market prices or
in privately negotiated transactions.
"The implementation of this new share repurchase program reflects AGCO's
confidence in the long-term strength and strategy of the company, as
well as our commitment to increasing shareholder value," said Martin
Richenhagen, Chairman, President and CEO. "Though we remain focused on
continuing to invest in our business to capitalize on our growth
opportunities, AGCO's financial performance and healthy cash flow
generation allows us to be confident and opportunistic in repurchasing
shares."
The actual timing, number and value of shares repurchased under the
program will be determined by management at its discretion, and will
depend on a number of factors, including the trading price of the stock,
and general market and business conditions and applicable legal
requirements. This program does not oblige AGCO to repurchase any shares
under the authorization, and the program may be suspended, discontinued
or modified at any time, for any reason and without notice.
About AGCO:
AGCO, Your Agriculture Company, (NYSE: AGCO), is a global leader focused
on the design, manufacture and distribution of agricultural machinery.
AGCO supports more productive farming through a full line of tractors,
combines, hay tools, sprayers, forage equipment, tillage, implements,
grain storage and protein production systems, as well as related
replacement parts. AGCO products are sold through five core machinery
brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra® and are
distributed globally through 3,150 independent dealers and distributors
in more than 140 countries worldwide. Retail financing is available
through AGCO Finance for qualified purchasers. Founded in 1990, AGCO is
headquartered in Duluth, GA, USA. In 2012, AGCO had net sales of $10
billion. www.AGCOcorp.com
Forward Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties. These forward-looking statements include
statements regarding our business prospects and timing of share
repurchases. Although we attempt to be accurate in making
forward-looking statements, it is possible that future circumstances
might differ from the assumptions on which such statements are based.
Important factors that could cause results to differ materially from the
statements herein include the following: the price per share of our
common stock; general market and business conditions; applicable legal
requirements, the fact that management may not fully utilize the
authorized amount due to market conditions, changes in the business or
otherwise; and the success of AGCO’s business, cash flows and financial
results, which could be affected by any of the items discussed in the
"Risk Factors" section ; our most recent Annual Report on Form 10-K, our
most recent Quarterly Report on Form 10-Q and our other filings with the
SEC, copies of which are available free of charge at the SEC's website
at www.sec.gov
or upon request from our investor relations department. All
forward-looking statements herein reflect our opinions only as of the
date of this release, and we undertake no obligation, and expressly
disclaim any obligation, to update forward-looking statements herein in
light of new information or future events.
Source: AGCO
AGCO
Greg Peterson, 770-232-8229
Director, Investor Relations
greg.peterson@agcocorp.com
