Putin and Schroder Attend AGCO Signing Letter of Intent with Leading Russian Manufacturer and Distributor of Agricultural Equipment
DULUTH, Ga.--(BUSINESS WIRE)--April 11, 2005--AGCO Corporation, (NYSE: AG), a worldwide designer, manufacturer and distributor of agricultural equipment announced today the signing of a letter of intent between Fendt, a premium product line of AGCO Corporation and Agromash Holding, based in Moscow. Its objective is to create a long-term cooperation between both companies for the development, production and sales of tractors, combines and engines. In the presence of Russian President Putin and German Chancellor Schroder, the agreement was signed in Hanover, Germany during a major industrial trade show. AGCO President and Chief Executive Officer Martin Richenhagen said, "We want to send a positive signal for future cooperation in one of the fastest growing regions in Europe."
Fendt, based in Marktoberdorf, Germany is AGCO's premium brand for innovative technology and high-quality products.
Agromash Holding, based in Moscow, is a leading privately owned manufacturer and distributor of agricultural equipment in Russia, and the only company in the country which offers a full line of agricultural equipment. The company has a tractor manufacturing facility in Volgograd, a combine harvester factory in Krasnoyarsk and engine manufacturing facilities in Barnaul. Furthermore, it has subsidiaries in the Russian Federation, the Ukraine and Kazakhstan. The sales distribution network comprises over 120 sales and service locations in Russia and the neighbouring CIS countries.
AGCO Corporation, headquartered in Duluth, Georgia, is a global designer, manufacturer and distributor of agricultural equipment and related replacement parts. AGCO products are distributed in more than 140 countries. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements through more than 3,900 independent dealers and distributors around the world. AGCO products are distributed under the various well-known brand names AGCO(R), Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R), Sunflower(R), TerraGator(R), Valtra(R), and White(TM) Planters. AGCO provides retail financing through AGCO Finance in North America and through Agricredit in Australia, the United Kingdom, France, Germany, Ireland, and Brazil. In 2004, AGCO had net sales of $5.3 billion.
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CONTACT: AGCO Corporation, Duluth
Molly Dye,
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