DULUTH, Ga., May 02, 2011 (BUSINESS WIRE) --
AGCO, Your Agriculture Company (NYSE: AGCO), a worldwide manufacturer and distributor of agricultural equipment, took another step today in implementing its growth strategy in Asia by appointing Andreas Georg Weishaar as Vice President and Managing Director, China and India.
"AGCO's worldwide strategy is to provide high tech solutions to farmers feeding the world and our initiatives aim at operational efficiencies to benefit farmers globally," said Martin Richenhagen, AGCO Chairman, President and Chief Executive Officer. "Our expansion in China and India is achieving both of these goals. Andreas' promotion signals our commitment to agriculture in these nations."
"This appointment further strengthens AGCO's team in these major markets and will help us accelerate the realization of our plans to serve domestic farmers with AGCO products as well as to leverage China and India as manufacturing bases from which to serve global markets," said Hubertus M체hlh채user, AGCO Senior Vice President, Strategy & Integration and General Manager Eastern Europe & Asia. "Under the leadership of Weishaar, AGCO plans to make significant investments over the next few years in China."
In China, Weishaar is responsible for the set-up of AGCO's tractor operation at Changzhou in Jiangsu Province which started production earlier this year and will expand to produce a full range of 50 hp to 130 hp Massey Ferguson(R) tractors as well as AGCO SISU Power engines. Weishaar also leads the set-up of AGCO's operation in Daqing, Heilongjiang Province, where the company will manufacture Valtra(R) high-horsepower tractors and assembly of AGCO combines. Both provinces are key agricultural production areas with well established supply bases.
"AGCO is bringing manufacturing closer to the market, increasing product selection and increasing concentration on products that meet local requirements in this important market," said M체hlh채user. "AGCO has been a leading tractor exporter to China for the last seven years, delivering hundreds of Valtra high-horsepower products to Heilongjiang Province. Now we are taking the next step to serve our customers."
In India, Weishaar supervised a global AGCO team engaged in further strengthening the company's long term strategic alliance with Tractor & Farm Equipment (TAFE) Ltd. in Chennai, India, since November 2007. AGCO holds a 23.75% share in TAFE, India's second largest farm equipment manufacturer. The joint TAFE / AGCO team delivers Indian-built Massey Ferguson tractors to AGCO's global distribution as well as leverages component sourcing opportunities for AGCO manufacturing facilities.
Weishaar joined AGCO's Strategy & Integration team in October 2005 and has been Vice President, Strategy & Integration, since January 2009 and is responsible for the company's strategy development and implementation. In addition, he assumed the role of Vice President, Operations, China and India in November 2009.
Prior to joining AGCO, he was a Senior Manager in the Strategy & Organization practice of Arthur D. Little. He graduated from the European Business School, Oestrich-Winkel, Germany, with a Master in Business Administration (Diplom Kaufmann) including semesters at Thunderbird, Glendale, AZ, USA, as well as the Ecole Superieure de Commerce in Dijon, France. He will be located in Changzhou, China.
AGCO, Your Agriculture Company, (NYSE:AGCO) was founded in 1990 and offers a full product line of tractors, combines, hay tools, sprayers, forage equipment, tillage, implements, and related replacement parts. AGCO agricultural products are sold under the core brands of Challenger(R), Fendt(R), Massey Ferguson(R) and Valtra(R) and are distributed globally through 2,600 independent dealers and distributors in more than 140 countries worldwide. Retail financing is available through AGCO Finance for qualified purchasers. AGCO is headquartered in Duluth, GA, USA. In 2010, AGCO had net sales of $6.9 billion. http://www.AGCOcorp.com
SAFE HARBOR STATEMENT
Statements that are not historical facts including expectations regarding AGCO's growth in China and India and its investment plans, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. These risks include possible declines in demand for products as a result of weather, demand and other conditions that impact farm income, actions by producers of competitive products, and the general risks attendant to expansion in foreign countries. Further information concerning these and other factors is included in AGCO's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2010. AGCO disclaims any obligation to update any forward-looking statements except as required by law.
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