First Massey Ferguson tractors produced in Algeria
DULUTH, Ga.--(BUSINESS WIRE)--Dec. 18, 2012--
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and
distributor of agricultural equipment, held a ceremony yesterday to mark
the production of the first Massey Ferguson tractor produced by AGCO’s
joint venture in Constantine, Algeria. “Together with our Algerian
partners, we are pleased to produce Massey Ferguson tractors locally in
Africa. This is a significant step in our long term growth strategy for
the African continent,” stated Martin Richenhagen, AGCO’s Chairman,
President and Chief Executive Officer. “AGCO is committed to grow its
presence within Africa by investing in local manufacturing, distribution
infrastructure and new training sites. We have committed to invest US$
100 million in Africa over the coming years.”
The new joint venture in Algeria for the production of Massey Ferguson
branded tractors was established earlier this year. AGCO entered an
agreement with two local partners – L’Entreprise Publique Economique
de Production de Tracteurs Agricoles (EPE ETRAG Spa) and L’Entreprise
Publique Economique de Commercialisation de Matériels Agricoles (EPE
PMAT Spa) – to form the Algerian Tractors Company of which AGCO
owns 49%. The new joint venture is based in El Khroub, close to
Constantine, and produces Massey Ferguson tractors for sale into the
domestic Algerian market. The production has recently started and the
ceremony was held to mark the occasion of the first Massey Ferguson
tractor to leave the factory.
“Africa has tremendous growth potential in the agricultural equipment
sector and our mission is to provide agricultural solutions for African
farmers,” commented Nuradin Osman, AGCO’s Director for Africa & Middle
East. “As Africa’s population is set to rise to two billion by 2050, the
need for mechanization and training, service and support for small and
medium-scale farmers has never been greater.” AGCO’s technology-driven
products will contribute to the modernization of the African
agricultural market. “The joint venture with our Algerian partners
strengthens AGCO’s base of resources in Africa,” adds Osman. “The local
manufacturing footprint will allow AGCO to better serve Algerian
customers with high quality products and services and will accelerate
the development of AGCO’s business in North Africa.”
With over 50 years of experience in Africa through its Massey Ferguson
tractor brand, AGCO already leverages alliances with governments,
foreign investors and donors to improve agricultural practices in
Africa. AGCO also plans to fund the development of Future Farms and
Training Centers throughout Africa that will allow local farmers and
dealers to be trained on new farming technology appropriate to their
needs.
ABOUT AGCO
AGCO, Your Agriculture Company, (NYSE: AGCO), is a global leader focused
on the design, manufacture and distribution of agricultural machinery.
AGCO supports more productive farming through a full line of tractors,
combines, hay tools, sprayers, forage equipment, tillage, implements,
grain storage and protein production systems, as well as related
replacement parts. AGCO products are sold through four core machinery
brands, Challenger®, Fendt®, Massey Ferguson® and Valtra® and are
distributed globally through 3,100 independent dealers and distributors
in more than 140 countries worldwide. Retail financing is available
through AGCO Finance for qualified purchasers. Founded in 1990, AGCO is
headquartered in Duluth, GA, USA. In 2011, AGCO had net sales of $8.8
billion.
Safe Harbor Statement
Statements which are not historical facts, including expectations
regarding the development and sales of products in this region, are
forward-looking and subject to risks that could cause actual results to
differ materially from those suggested by the statements. These risks
include possible declines in demand for products as a result of weather,
demand and other conditions that impact farm income, actions by
producers of competitive products, and the general risks attendant to
acquisitions. Further information concerning these and other factors is
included in AGCO’s filings with the Securities and Exchange Commission,
including its Form 10-K for the year ended December 31, 2011. AGCO
disclaims any obligation to update any forward-looking statements except
as required by law.
Source: AGCO
Stockheim Media
Rebecca Fabian, +1-646-415-8518
rf@stockheim-media.com