AGCO to Acquire Precision Planting from The Climate Corporation
July 26 2017 - 11:30AM
Business Wire
AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide
manufacturer and distributor of agricultural equipment and The
Climate Corporation, a subsidiary of Monsanto Company (NYSE:MON),
announced today that a definitive agreement has been signed for
AGCO to acquire the Precision Planting LLC equipment business.
“Precision Planting is a strong business that plays an essential
role in the growth and adoption of innovative precision ag
practices that help farmers enhance their productivity,” said Mike
Stern, chief executive officer for The Climate Corporation. “As a
leading global equipment manufacturer, AGCO is uniquely positioned
to enable broader distribution of Precision Planting technology and
will continue the development of innovative products that improve
the efficiency and productivity for farmers around the world.”
“The acquisition of Precision Planting will solidify AGCO as one
of the global leaders in planting technology and strengthen our
position as a full line partner for professional farmers across the
globe,” said Martin Richenhagen, AGCO’s chairman, president and
chief executive officer.
The Climate Corporation’s Climate FieldViewTM digital
agriculture platform will retain connectivity with Precision
Planting’s 20/20 SeedSense monitor.
The terms of the agreement were not disclosed. The transaction
is subject to regulatory approvals.
Cautionary Statements Regarding Forward-Looking
Information
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. Undue reliance should not be placed on these
forward-looking statements, which are current as of the date of
this release, and AGCO and Monsanto Company disclaim 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 approximately $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.
About The Climate Corporation
The Climate Corporation, a subsidiary of Monsanto Company, aims
to help all the world’s farmers sustainably increase their
productivity through the use of digital tools. The integrated
Climate FieldView™ digital agriculture platform provides farmers
with a comprehensive, connected suite of digital tools. Bringing
together seamless field data collection, advanced agronomic
modeling and local weather monitoring into simple mobile and web
software solutions, the Climate FieldView platform gives farmers a
deeper understanding of their fields so they can make more informed
operating decisions to optimize yields, maximize efficiency and
reduce risk. For more information, please visit www.climate.com or
follow the company on Twitter @climatecorp.
About Monsanto Company
Monsanto is committed to bringing a broad range of solutions to
help nourish our growing world. We produce seeds for fruits,
vegetables and key crops – such as corn, soybeans, and cotton –
that help farmers have better harvests while using water and other
important resources more efficiently. We work to find sustainable
solutions for soil health, help farmers use data to improve farming
practices and conserve natural resources, and provide crop
protection products to minimize damage from pests and disease.
Through programs and partnerships, we collaborate with farmers,
researchers, nonprofit organizations, universities and others to
help tackle some of the world’s biggest challenges. To learn more
about Monsanto, our commitments and our more than 20,000 dedicated
employees, please visit: discover.monsanto.com and monsanto.com.
Follow our business on Twitter® at twitter.com/MonsantoCo, on the
company blog, Beyond the Rows® at monsantoblog.com or subscribe to
our News Release RSS Feed.
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version on businesswire.com: http://www.businesswire.com/news/home/20170726005848/en/
AGCOGreg Peterson, +1-770-232-8229Director, Investor
Relationsgreg.peterson@agcocorp.comorThe Climate CorporationChelsea
Shepherd, +1-314-258-0438Senior Manager, Global
Communicationschelsea.shepherd@climate.com
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