New Headquarters Facilitates Growth Strategy and Distinct
Positioning of Four Core Brands in Europe and Asia
DULUTH, Ga.--(BUSINESS WIRE)--Aug. 29, 2007--AGCO Corporation (NYSE: AG), a worldwide manufacturer and distributor of agricultural equipment announced the opening of a new European headquarters in Schaffhausen, Switzerland. "AGCO is following an aggressive growth strategy and the new headquarters, in the very heart of Europe, will manage and control key strategic initiatives to continue our global growth strategy," comments Gary Collar, Senior Vice President and General Manager Europe, Africa, Middle East (EAME) and East Asia Pacific (EAPAC). The new offices will serve as a center for the management of the company's business throughout the EAME and EAPAC region. Duluth, Georgia will remain the worldwide headquarters of the company.
"The strategic management of AGCO EAME (Europe, Africa, Middle East) will work under one roof to enhance and facilitate the exchange of ideas, best practices and implementation of pan-European processes," explains Hubertus Muehlhaeuser, Senior Vice President, Strategy & Integration. "In this way, AGCO's organic growth strategy is driven forward. Decisions can be taken quicker and the rapid implementation of strategic projects is facilitated. The European headquarters will reinforce the efficiency and competitiveness of the company."
A pillar of this strategy is the distinct positioning of AGCO's brand portfolio. The four core brands Fendt, Massey Ferguson, Valtra and Challenger must complement each other in different areas to realize synergies and to increase the level of cooperation among the AGCO family of brands. The responsible brand managers will coordinate their activities in the new AGCO offices. The European headquarters will be located in Schaffhausen in Switzerland. Geographically in the heart of Europe, Switzerland offers an excellent business infrastructure. Employees will begin relocating to the new headquarters during 2007, with all key business functions being handled from this office by 2010.
Founded in 1990, AGCO Corporation (NYSE: AG) (www.agcocorp.com) is a global manufacturer of agricultural equipment and related replacement parts. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements, which are distributed through more than 3,200 independent dealers and distributors in more than 140 countries worldwide. AGCO products include the following well-known brands: AGCO(R), Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R), Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters. AGCO provides retail financing through AGCO Finance. The company is headquartered in Duluth, Georgia, and in 2006, had net sales of $5.4 billion.
CONTACT: AGCO Corporation
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SOURCE: AGCO Corporation