DULUTH, Ga.--(BUSINESS WIRE)--Aug. 17, 2012--
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and
distributor of agricultural equipment, today announced that it has
agreed to establish a new joint venture in Algeria for the production of
Massey Ferguson branded tractors. Under the shareholders agreement
entered into with L’Enteprise Publique Economique de Commercialisation
de Materiels Agricoles and L’Enteprise Publique Economique de Production
de Tracteurs Agricoles, AGCO will take 49% ownership of Algeria Tractors
Company. The new joint venture is based in Constantine, Algeria and will
produce Massey Ferguson tractors for sale into the local domestic
Algerian market. Production is expected to begin before the end of 2012.
“This new step underlines AGCO’s long-term strategy and commitment to
accelerate the development of its business in Africa,” stated Martin
Richenhagen, AGCO’s Chairman, President and Chief Executive Officer.
“The establishment of this joint venture strengthens AGCO’s base of
resources in Africa. We are very pleased to commence this new project
with our Algerian partners and to develop our Massey Ferguson brand in
Algeria. AGCO is looking forward to Algeria Tractors Company becoming
very successful in the development of agricultural mechanization within
Algeria.”
“Africa has significant potential for growth in the agricultural sector.
This joint venture is an important part of AGCO’s growth strategy in
Africa. AGCO plans to grow its presence within Africa by investing in
manufacturing, distribution infrastructure and new training sites,”
explained Hubertus Mühlhäuser, Senior Vice President, General Manager,
Europe, Africa, Middle East.
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 four core machinery
brands, Challenger®, Fendt®, Massey Ferguson® and Valtra® and are
distributed globally through 3,100 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 2011, AGCO had net sales of $8.8
billion. http://www.AGCOcorp.com
Safe Harbor Statement
Statements which are not historical facts, including expectations
regarding the development and sales of products in this region, 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
acquisitions. 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, 2011. AGCO
disclaims any obligation to update any forward-looking statements except
as required by law.
Source: AGCO
AGCO
Rebecca Fabian, +1-646-415-8518
rf@stockheim-media.com
