DULUTH, Ga.--(BUSINESS WIRE)--April 7, 2005--AGCO Corporation (NYSE:AG), a global manufacturer and distributor of agricultural equipment, announced today that it has received formal approval from the Brazilian competition authority related to AGCO's purchase of Valtra. AGCO purchased Valtra, including the Brazilian operations, in January 2004. This approval allows AGCO to maintain its ownership without conditions or restrictions.
"We are pleased to have successfully completed the final stage of the approval process in Brazil," stated Martin Richenhagen, President and Chief Executive Officer. "Our efforts are now focused on further integration of the Valtra operations into the AGCO organization and enhancing value of the Valtra business on a worldwide basis."
AGCO Corporation, headquartered in Duluth, Georgia, is a global designer, manufacturer and distributor of agricultural equipment and related replacement parts. AGCO products are distributed in more than 140 countries. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements through more than 3,900 independent dealers and distributors around the world. AGCO products are distributed under the various well-known brand names AGCO(R), Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R), Sunflower(R), TerraGator(R), Valtra(R), and White(TM) Planters. AGCO provides retail financing through AGCO Finance in North America and through Agricredit in Australia, the United Kingdom, France, Germany, Ireland, and Brazil. In 2004, AGCO had net sales of $5.3 billion. Please visit our website at www.agcocorp.com.
CONTACT: AGCO Corporation, Duluth
Molly Dye, 770-813-6044