DULUTH, Ga.--(BUSINESS WIRE)--AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, announced today that it has reached agreement in principle to acquire the forage division of Lely Group. Lely’s forage division is a leading manufacturer of balers and loader wagons in Europe. The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2017. Furthermore, the process for employee consultation will now be started.
“The integration of Lely’s industry leading competence in hay and forage technology will further strengthen AGCO’s full line product offering,” said Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer.
Safe Harbor Statement
Statements which are not historical
facts, including expectations regarding the closing of the acquisition
are forward-looking and subject to risks that could cause actual results
to differ materially from those suggested by the statements. These risks
include, but are not limited to, the failure to obtain regulatory
approvals, the failure to satisfy closing conditions. AGCO disclaims any
obligation to update any forward-looking statements except as required
by law.
About AGCO:
AGCO (NYSE: AGCO) is a global leader in the
design, manufacture and distribution of agricultural solutions and
supports more productive farming through its full line of equipment and
related services. AGCO products are sold through five core brands,
Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by
Fuse® precision technologies and farm optimization services, and are
distributed globally through a combination of over 3,000 independent
dealers and distributors in more than 150 countries. Founded in 1990,
AGCO is headquartered in Duluth, GA, USA. In 2016, AGCO had net sales of
$7.4 billion. For more information, visit http://www.AGCOcorp.com.
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