AGCO

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For other uses, see AGCO (disambiguation).
AGCO
Type Public
Traded as NYSEAGCO
Industry Manufacturer
Founded 1990
Headquarters Duluth, Georgia
United States
Area served Worldwide
Key people Martin H. Richenhagen
(President & CEO)[1]
Products Agricultural equipment
Tractors
Combines
Self-propelled sprayers
Hay tools
Forage equipment
Diesel engines
List of brands
Services Parts, Service, Finance
Revenue IncreaseUS$ 10.786 billion (2013)[2]
Operating income IncreaseUS$ 610.3 million (2011)[2]
Net income IncreaseUS$ 585.3 million (2011)[2]
Total assets IncreaseUS$ 7.2572 billion (2011)[2]
Total equity IncreaseUS$ 3.0312 billion (2011)[2]
Employees 17,366 (2011)[2]
Website www.agcocorp.com

AGCO is an American agricultural equipment manufacturer based in Duluth, Georgia, United States. As a leading global manufacturer of agricultural equipment, AGCO offers a full line of tractors, combines, hay tools, sprayers, forage and tillage equipment, which are distributed through more than 3,100 independent dealers and distributors in more than 140 countries worldwide.[3]

History[edit]

Hesston 5670 round baler, in 2010

With roots firmly established in the farm equipment industry, AGCO has a brand heritage reaching back to the mid-19th century. AGCO was established in 1990 when executives at Deutz-Allis bought out Deutz-Allis North American operations from the parent corporation KHD, (Klöckner-Humboldt-Deutz), a German company that owned the Deutz-Fahr brand of agriculture equipment. KHD had purchased portions of the Allis-Chalmers agricultural equipment business five years earlier. Since that time, AGCO has become a worldwide farm machinery company through market growth, strategic acquisitions and cutting edge agricultural solutions.[4]

The company was first called Gleaner-Allis Corporation, then rearranged to be Allis-Gleaner Corporation, or AGCO. The design for these tractors and combines were originally designed by Allis-Chalmers Corp. prior to the sellout to Deutz Allis. The Deutz-Allis line of tractors were renamed AGCO-Allis, and Gleaner became a brand of its own for combines. The Deutz-Allis brand continued in South America until 2001, when they were renamed AGCO-Allis. They continue in the lime-green livery. In 2001, AGCO Allis was renamed AGCO in North America.

In March 1991, AGCO purchased the Hesston Corporation[5][6] gaining hay and forage equipment as well as technologies such as the grain auger (used to unload grain quickly from combines), invented in 1947 by Lyle Yost.[7] Hesston had a 50 percent joint venture with Case International, now a part of CNH Global. AGCO purchased the White Tractor line from the Allied Corporation's White-New Idea company.[8] In 1993, AGCO purchased the remainder of White-New Idea,[9] gaining New Idea hay equipment and manure spreaders, and White planters. White New Idea had a large manufacturing plant which operated in Coldwater, Ohio, USA.

Massey Ferguson 6490 tractor, in 2008

Also in 1993, AGCO purchased the North American distribution rights to Massey Ferguson, a worldwide agricultural equipment company. In 1994, they purchased McConnell Tractors,[5] manufacturer of the large articulated Massey Ferguson tractors. AGCO developed the Agcostar line of articulated tractors. Later in 1994, the Black Machine line of planters was purchased.

1995 saw the purchase of the AgEquipment Group,[8] which manufactured tillage equipment and loaders under the Glenco, Tye and Farmhand brands. In 1996, acquisitions went international with the purchase of Iochpe-Maxion in Brazil.[5] This was the Brazilian company that had rights to the Massey Ferguson brand and manufacturing in the region, as well as the Maxion brand of industrial equipment. This was also the year that AGCO purchased Deutz Argentina, the number one leader of tractors in Argentina.[9] Also in 1996, AGCO purchased Western Combine Corporation and Portage Manufacturing in Canada.[10] Western Combine had previously purchased the assets of the Massey Combine Corporation's combine operation, which had been spun off by Massey-Ferguson.

Fendt 930 Vario tractor, in 2009

1997 was the year of the major purchase of Fendt in Germany, the leading German tractor company.[11] Fendt is well known for its advanced technology. AGCO also acquired Dronningborg Industries in Denmark, the manufacturer of European Massey-Ferguson combines, and former manufacturer of Dronningborg combines.[12]

In 1998, AGCO made a joint venture with Deutz AG to produce engines in Argentina, and purchased the Spra-Coupe and Willmar companies.[13] Spra-Coupe and Willmar are leading sprayer companies in North America. SpraCoupe originated in Bismarck, ND. Upon purchase by AGCO, the manufacturing of SpraCoupes was moved to Willmar, Minnesota where the Willmar branded fertilizer tenders and "Wrangler" articulated loaders were being manufactured. SpraCoupe and Willmar products were manufactured in Willmar from 1998 to 2001.

For the year 2000, AGCO bought out its partner CNH Global N.V. in the Hay and Forage Industries joint venture.[14]

In 2001, AGCO purchased Ag-Chem Equipment, expanding its application equipment business.[15] Ag-Chem Equipment was based in Jackson, Minnesota and developed the TerraGator flotation-type and RoGator rowcrop-type applicators. Also that year, the SpraCoupe and Willmar brands moved their manufacturing from Willmar, MN to the Jackson, Minnesota facility and the Agco-Allis and White tractor lines were merged in North America under the AGCO brand, continuing in the orange color.

2002 was the year that AGCO purchased rights to the Challenger name and the tracked tractors from the Caterpillar Corporation,[16] giving AGCO a well-known brand name and high-power tracked tractors. AGCO further developed the Challenger line into: wheeled tractors, using tractors manufactured by Iseki, Agritalia, the Massey Ferguson factory and the Brazilian Valtra factory; combines, rebranding some Massey Ferguson/Gleaner -built combines; and hay equipment, using Hesston-built hay equipment. AGCO also purchased the Sunflower Manufacturing Company in Beloit, Kansas, which manufactures tillage, seeding and specialty harvesting equipment.[17]

2004 brought about the purchase of the Valtra tractor company from the Kone Group, in Finland. Valtra has some licensing agreements with the Eicher company in India for tractor production, and also with the HEMA group in Turkey. The purchase of Valtra also included SISU POWER engines.[18][19]

Valtra T170 tractor, in 2008

2006 saw a re-focusing of the various brands, and the reduction of individual brands. AGCO announced plans to combine some, and make some only part of a larger brand, or co-branding. Examples include the Massey Ferguson 9635 Hesston self-propelled swather, and the AGCO 9365 Hesston self-propelled swather. Challenger has seen further expansion with the further consolidation of the AgChem brand into Challenger, and the introduction of Agritalia built tractors and an articulated Challenger tractor.

In 2007, AGCO bought 50% of Laverda S.p.A from ARGO SpA, which included the Gallagnani and Fella-Werke hay equipment brands.[20][21]

In 2008/2009 AGCO, the Challenger, Valtra, and Massey Ferguson large row crop tractors were launched in Europe and North America respectively with AGCO's e3 Selective Catalytic Reduction (SCR) emission reduction technology.[22]

Late in 2009, AGCO announced that it would phase out the orange AGCO Tractors by 2011.[23] In 2009, AGCO had sales of US$6.6 billion.

In late 2010, AGCO announced the plan to acquire the remaining 50% of Laverda, which included Fella-Werke as well. The acquisition was finalized in March 2011.[24][25][26]

AGCO plans to transfer its high-horsepower wheeled-tractor assembly of tractors sold in North America from Beauvais, France to Jackson, Minnesota, where it will expand the plant by 75,000 square feet (7,000 m2).[27]

In 2011, AGCO said that it will invest $40 million in its Hesston plant by building a new 200,000-square-foot (19,000 m2) painting and finishing building. Construction began June 2011 and was completed in 2013.[28][29][30] AGCO purchased GSI in October 2011. GSI is based in Assumption, Illinois and manufactures grain storage and handling equipment as the GSI Group.[31]

Core Brands[edit]

AGCO products are sold through four core brands: Challenger, Fendt, Massey Ferguson, and Valtra.

  • Challenger, tractors, combine harvesters, hay equipment available globally
  • Fendt, high tech tractors, combine harvesters in Europe
  • GSI, grain storage, grain drying & conditioning equipment, and material handling distributed worldwide
  • Massey Ferguson, full-line of tractors, combine harvesters, hay equipment available globally
  • Valtra, tractors in Europe, tractors and combine harvesters in South America

More Brands[edit]

Gleaner A85 combine, in 2008

Manufacturing locations[edit]

Fendt manufacturing plant in Marktoberdorf, Bavaria, Germany, 2009
Laverda headquarter and production plant in Breganze, Italy
AGCO POWER Manufacturing facility in Linnavuori, Nokia, Finland
AGCO North America
AGCO South America
AGCO Europe
AGCO Asia

References[edit]

  1. ^ Bio - Martin H Richenhagen
  2. ^ a b c d e f "AGCO, Form 10-K, Annual Report, Filing Date Feb 27, 2012". secdatabase.com. Retrieved Jan 1, 2013. 
  3. ^ "AGCO, Form 8-K, Current Report, Filing Date Oct 31, 2012". secdatabase.com. Retrieved Jan 1, 2013. 
  4. ^ Agco Timeline History
  5. ^ a b c "AGCO, Form S-4/A, Registration of Securities, Filing Date Jul 15, 1996". secdatabase.com. Retrieved Jan 1, 2013. 
  6. ^ "Lyle Yost, founder of Hesston Corp., passes away at age 99". Progressive Forage. May 4, 2012. Retrieved September 16, 2012. 
  7. ^ Voorhis, Dan (April 6, 2012Z). "Lyle Yost, founder of Hesston Industries, dies at age 99". Wichita Eagle. Retrieved September 12, 2012. 
  8. ^ a b "AGCO, Form 424B3,Prospectus, Filing Date Jul 17, 1996". secdatabase.com. Retrieved Jan 1, 2013. 
  9. ^ a b "AGCO, Form S-3, Registration Statement, Filing Date Jan 22, 1997". secdatabase.com. Retrieved Jan 1, 2013. 
  10. ^ "Agco, Form 8-K, Current Report, Filing Date Feb 28, 1997". secdatabase.com. Retrieved Jan 1, 2013. 
  11. ^ "Agco, Form S-3/A, Filing Date Feb 7, 1997". secdatabase.com. Retrieved Jan 1, 2013. 
  12. ^ "Agco, Form 10-K, Annual Report, Filing Date Mar 31, 1998". secdatabase.com. Retrieved Jan 1, 2013. 
  13. ^ "Agco, Form 10-K, Annual Report, Filing Date Mar 31, 1999". secdatabase.com. Retrieved Jan 1, 2013. 
  14. ^ "Agco, Form 10-K, Annual Report, Filing Date Mar 28, 2000". secdatabase.com. Retrieved Jan 1, 2013. 
  15. ^ "Agco, Form 10-K405, Filing Date Apr 2, 2001". secdatabase.com. Retrieved Jan 1, 2013. 
  16. ^ "Agco, Form 10-K405, Filing Date Mar 29, 2002". secdatabase.com. Retrieved Jan 1, 2013. 
  17. ^ "Agco, Form 10-Q, Quarterly Report, Filing Date Nov 14, 2002". secdatabase.com. Retrieved Jan 1, 2013. 
  18. ^ "Agco, Form 8-K, Current Report, Filing Date Dec 16, 2003". secdatabase.com. Retrieved Jan 1, 2013. 
  19. ^ "Agco, Form 8-K, Current Report, Filing Date Jan 8, 2004". secdatabase.com. Retrieved Jan 1, 2013. 
  20. ^ "Agco, Form 8-K, Current Report, Filing Date Oct 30, 2007". secdatabase.com. Retrieved Jan 1, 2013. 
  21. ^ AGCO - Italian deal
  22. ^ AGCO - e3
  23. ^ AGCO Tractor color phase out
  24. ^ "Agco, Form 8-K, Current Report, Filing Date Nov 3, 2010". secdatabase.com. Retrieved Jan 1, 2013. 
  25. ^ "Agco, Form 10-Q, Quarterly Report, Filing Date May 6, 2011". secdatabase.com. Retrieved Jan 1, 2013. 
  26. ^ AGCO - Laverda
  27. ^ Agco plans investment in U.S. plants; The Wichita Eagle newspaper; January 28, 2011.
  28. ^ Agco to expand plant in Hesston; The Wichita Eagle; June 10, 2011.
  29. ^ [1]
  30. ^ AGCO Paint Facility Ribbon Cutting; The Newton Kansan; August 16, 2013.
  31. ^ AGCO Corporation History

External links[edit]