AGCO Provides Update on Recovery from Ransomware Cyber Attack
May 16 2022 - 04:30PM
Business Wire
Majority of Production Activities
Resumed
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide
manufacturer and distributor of agricultural equipment and
infrastructure, announced today that the Company’s efforts to
restore systems and business operations are continuing successfully
following a ransomware cyber attack that was discovered on May 5,
2022. A majority of the affected production sites and parts
operations resumed operational activities last week or today. The
remainder of the sites are expected to begin operations during the
balance of this week, such that all factories and parts operations
are operating by the end of this week.
The Company also reported that there had been data exfiltration
as a result of the ransomware cyber attack. While the Company does
not have retail operations, and therefore no privacy-protected
consumer data, the Company is still evaluating the scope and
consequences of the data loss. Although damage from the ransomware
cyber attack could require more in-depth, and lengthy, remediation
and recovery than is currently expected, the Company currently
expects to be able to mitigate the production loss from the
ransomware cyber attack by increasing production over the remainder
of 2022.
Cautionary Statements Regarding Forward-Looking
Information
Our expectations with respect to recovering from the ransomware
cyber attack are forward-looking statements, and actual result may
differ materially from our current expectations for a number of
reasons, including the possibility that the damage to our systems
is more extensive than we understand, that we may be subject to
further follow-on ransomware cyber attacks, and that our recovery
may take longer than expected.
About AGCO
AGCO (NYSE:AGCO) is a global leader in the design, manufacture
and distribution of agricultural machinery and precision ag
technology. AGCO delivers customer value through its differentiated
brand portfolio including core brands like Challenger®, Fendt®,
GSI®, Massey Ferguson®, Precision Planting® and Valtra®. Powered by
Fuse® smart farming solutions, AGCO’s full line of equipment and
services help farmers sustainably feed our world. Founded in 1990
and headquartered in Duluth, Georgia, USA, AGCO had net sales of
approximately $11.1 billion in 2021. For more information, visit
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.
Please visit our website at
www.agcocorp.com
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version on businesswire.com: https://www.businesswire.com/news/home/20220516005977/en/
Greg Peterson Vice President, Investor Relations (770) 232-8229
greg.peterson@agcocorp.com
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