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AGCO Extends its Grain Storage and Seed Handling Business with Acquisition of Cimbria
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Cimbria’s extensive products and services support the cleaning, drying,
storage and conveyance of grain and seed through the development,
manufacture and installation of individual machines, customized systems
and complete turnkey plants, as well as project management and process
control consulting. Cimbria sales, which are expected to reach
approximately “The acquisition of Cimbria significantly enhances our market position in the European grain handling and storage industry,” said Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer. “Cimbria’s products are complementary to our GSI’s offerings and are recognized by its customers for their design, quality and innovation. This combination also provides significant marketing and cost saving synergies and will provide us with a global leadership position in the seed handling industry as well as further strengthen our capabilities to serve large global customers. With margins similar to GSI, the acquisition of Cimbria provides us an attractive opportunity to grow our business and expand our margins.”
* * * * * Safe Harbor Statement
Statements which are not historical facts, including projected 2016
sales and expectations regarding future growth and cost synergy
achievement, 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, 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 * * * * *
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View source version on businesswire.com: http://www.businesswire.com/news/home/20160629005713/en/ Source:
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