DULUTH, Ga., Sept. 30, 2024 /PRNewswire/ -- AGCO (NYSE:
AGCO), a global leader in the design, manufacture and distribution
of agricultural machinery and precision ag technology, today issued
the following statement in response to the letter issued by
Tractors and Farm Equipment Limited ("TAFE"):
TAFE's interests are fundamentally misaligned
with AGCO shareholders, and its letter today is just the latest
tactic in its ongoing, self-serving campaign. In fact, TAFE's
letter was issued shortly after (i) AGCO prevailed at the Indian
Supreme Court against TAFE's efforts to avoid arbitrating one of
its commercial disputes, and (ii) AGCO's immediate termination of
TAFE's right to use the Massey Ferguson trademark and distribute
Massey Ferguson products in India
and other countries following TAFE's inappropriate and unauthorized
actions.
AGCO's Board of Directors, which has been
meaningfully refreshed in recent years, is overseeing management's
successful execution of the Company's transformation and strategic
plan, which resulted in record full-year net sales and adjusted
operating margins in 2023, outperforming the global market. AGCO is
also on track to deliver structurally higher adjusted operating
margins compared to prior industry downturns.
AGCO's Board of Directors and management team
remain committed to acting in the best interests of all AGCO
shareholders.
About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and
distribution of agricultural machinery and precision ag technology.
AGCO delivers value to farmers and OEM customers through its
differentiated brand portfolio including core brands like Fendt®,
GSI®, Massey Ferguson®, PTx and Valtra®. AGCO's full line of
equipment, smart farming solutions and services helps farmers
sustainably feed our world. Founded in 1990 and headquartered
in Duluth, Georgia, USA, AGCO had
net sales of approximately $14.4 billion in 2023. For more
information, visit www.agcocorp.com. For company news, information,
and events, please follow us on X: @AGCOCorp. For financial news on
X, please follow the hashtag #AGCOIR.
Forward Looking Statement
Our belief that we are on
track to deliver structurally higher adjusted operating margins is
a forward-looking statement. Actual results could differ materially
from those reflected in this statement for a range of reasons,
including: general economic and capital market conditions;
availability of credit to our retail customers; the worldwide
demand for agricultural products; grain stock levels and the levels
of new and used field inventories; cost of steel and other raw
materials; energy costs; performance and collectability of the
accounts receivable originated or owned by AGCO or our finance
joint ventures; government policies and subsidies; uncertainty
regarding changes in the international tariff regimes and product
embargoes and their impact on the cost of the products that we
sell; weather conditions; interest and foreign currency exchange
rates; limitations on ability to repatriate funds; inflation,
including in individual countries that have been designated as
highly inflationary; pricing and product actions taken by
competitors; commodity prices, acreage planted and crop yields;
farm income, land values, debt levels and access to credit;
pervasive livestock diseases; production disruptions, including due
to component and raw material availability; production levels and
capacity constraints at our facilities, including those resulting
from plant expansions and systems upgrades; integration of recent
and future acquisitions, including the completed acquisition on
April 1, 2024 of the Trimble ag
assets and formation of the joint venture, PTx Trimble, and the
ability to obtain the expected results; our ability to complete the
sale of the majority of the G&P business; our expansion plans
in emerging markets; supply constraints, including energy
shortages; our cost reduction and control initiatives; our research
and development efforts; dealer and distributor actions;
regulations affecting privacy and data protection; technological
difficulties; the impact of the COVID-19, or other future
pandemics, on product demand and production; the occurrence of
future cyberattacks, including ransomware attacks; the conflict in
Ukraine; and restrictive
covenants, payment obligations and other factors related to our
level of indebtedness. . Any forward-looking statement speaks only
as of the date on which such statement is made, and we disclaim any
obligation to update the information contained in such statement to
reflect subsequent developments or information except as required
by law.
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