AGCO Announces the Intended Acquisition of the Forage Division of Lely Group
March 13 2017 - 8:30AM
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 StatementStatements 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. For company news,
information and events, please follow us on Twitter: @AGCOCorp. For
financial news on Twitter, please follow the hashtag #AGCOIR.
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version on businesswire.com: http://www.businesswire.com/news/home/20170313005613/en/
AGCOGreg Peterson, 770-232-8229Director, Investor
Relationsgreg.peterson@agcocorp.com
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