DULUTH, Ga.--(BUSINESS WIRE)--July 21, 2004--AGCO Corporation (NYSE:AG), a worldwide designer, manufacturer and distributor of agricultural equipment, announced today that Mr. Martin Richenhagen has received the necessary immigration approval to assume his role as the Company's President and Chief Executive Officer. The Company also announced that as part of his assuming the Chief Executive Officer position, the Board of Directors has awarded him 3,500 shares of restricted stock.

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 over 140 countries. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements through more than 9200 independent dealers and distributors around the world. AGCO products are distributed under the brand names AGCO(R), Agco Allis(R), AgcoStar(R), Challenger(R), Farmhand(R), Fendt(R), Fieldstar(R), Gleaner(R), Glencoe(R), Hesston(R), LOR*AL(R), Massey Ferguson(R), New Idea(R), RoGator(R), SisuDiesel(TM), Soilteq(TM), Spra-Coupe(R), Sunflower(R), TerraGator(R), Tye(R), Valtra(R), White(TM), and Willmar(R). AGCO provides retail financing through AGCO Finance in North America and through Agricredit in the United Kingdom, France, Germany, Ireland, and Brazil. In 2003, AGCO had net sales of $3.5 billion.

Please visit our website at www.agcocorp.com.

    CONTACT: AGCO Corporation, Duluth
             Corporate Relations
             Molly Dye, 770/813-6044
             Andy Beck, 770/813-6083

    SOURCE: AGCO Corporation