AGCO and Trimble Close Joint Venture, Form PTx Trimble
Leading ag tech deal creates an industry-leading, mixed-fleet precision ag platform serving farmers globally
AGCO has acquired an 85% stake in PTx Trimble, and Trimble will hold a 15% stake. Going forward, the PTx Trimble JV will be consolidated into AGCO's financial statements.
"Farmers worldwide need technologies that support them to be more productive and profitable while minimizing the environmental impact of their operations," said
The formation of PTx Trimble enhances AGCO's comprehensive technology offering around guidance, autonomy, precision spraying, connected farming, data management and sustainability.
"Farmers are the real winners here," said
AGCO's consolidated precision ag revenue is now expected to exceed
AGCO financed the transaction through a combination of
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 Fendt®, GSI®, Massey Ferguson®, Precision Planting® and Valtra®. Powered by Fuse® smart farming solutions, AGCO's full line of equipment and services helps farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth,
About Trimble
Dedicated to the world's tomorrow, Trimble is a technology company delivering solutions that enable our customers to work in new ways to measure, build, grow and move goods for a better quality of life. Core technologies in positioning, modeling, connectivity and data analytics connect the digital and physical worlds to improve productivity, quality, safety, transparency and sustainability. From purpose-built products and enterprise lifecycle solutions to industry cloud services, Trimble is transforming critical industries such as construction, geospatial, agriculture and transportation to power an interconnected world of work. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.
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Cautionary Statements Regarding Forward-Looking Information
Forward-looking statements in this release, including statements about the transaction and our strategic plans as well as growth in revenue and accretion of the transaction to growth, adjusted margin and adjusted earnings are subject to risks that could cause actual results to differ materially from those suggested by the statement. These risks include, but are not limited to, adverse developments in the agricultural industry, supply chain disruption, inflation, weather, commodity prices, changes in product demand, interruptions in supply of parts and products, difficulties in integrating PTx Trimble in a manner that produces the expected financial results, reactions by customers and competitors to the transaction, including the rate at which the Trimble precision agriculture business's largest OEM customer reduces purchases of Trimble precision agriculture equipment and the rate of replacement by the JV of those sales, and adverse changes in the financial and foreign exchange markets, including increases in interest rates. Actual results could differ materially from those suggested in these statements. Further information concerning these and other risks is included in AGCO's filings with the
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SOURCE
Press Contacts: Aryn Drawdy, Corporate Communications Director, aryn.drawdy@agcocorp.com; Eric Harris, Strategic Communications Director, eric_harris@trimble.com; IR Contacts: Greg Peterson, VP, Investor Relations Officer, greg.peterson@agcocorp.com; Michael Leyba, Senior Director, Investor Relations, michael_leyba@trimble.com
