DULUTH, Ga.--(BUSINESS WIRE)--Sep. 30, 2009--
AGCO Corporation (NYSE:AGCO), Your Agriculture Company, a worldwide
manufacturer and distributor of agricultural equipment, announced today
that it has entered into a consent agreement with the Securities and
Exchange Commission and a deferred prosecution agreement with the U.S.
Department of Justice resolving their investigations of the Company’s
sales of farm equipment to Iraq from 2000 to 2003 under the United
Nation’s Oil-for-Food program.
Under the terms of the settlements, the Company will pay approximately
$20 million in disgorgement of profits relating to the sale together
with related fines, penalties and interest. The Company fully reserved
the full amount of the settlements in prior periods. The Company
cooperated fully with the SEC and DOJ in their investigations of the
Company and received a credit in calculating the settlement amount for
AGCO, Your Agriculture Company, (NYSE: AGCO) was founded in 1990 and
offers a full product line of tractors, combines, hay tools, sprayers,
forage, tillage equipment, implements, and related replacement parts.
AGCO agricultural products are sold under the core brands of
Challenger速, Fendt速, Massey Ferguson速 and Valtra速, and are distributed
globally through more than 2,800 independent dealers and distributors,
in more than 140 countries worldwide. AGCO provides retail financing
through AGCO Finance. AGCO is headquartered in Duluth, Georgia, USA. In
2008, AGCO had net sales of $8.4 billion. Please visit our website at www.AGCOcorp.com.
Source: AGCO Corporation
Vice President General and Corporate Secretary