Varity

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Varity Inc
Industry Automotive
Fate Merged
Successor(s) LucasVarity plc
Founded 1986
Defunct 1996
Headquarters Toronto Canada and later Buffalo, New York United States
Key people Victor A. Rice and Vincent D. Laurenzo
Products Braking, Diesel Engines and Electrical Systems
Employees 9,000
Subsidiaries Massey-Ferguson and Perkins Engines

Varity was a former farm equipment company, created in 1986 from the remains of Massey-Ferguson Limited of Toronto, Ontario. Varity also owned Perkins Engines headquartered in Peterborough England and Kelsey-Hayes headquartered in Romulus, Michigan. In 1991, the company officially moved to Buffalo (Williams-Butler House at 672 Delaware Avenue in the Millionaire Row area of Buffalo)[1] and ceased to be a Canadian corporation.[2]

In 1994, in a deal worth three hundred and ten million dollars in cash and stock, the farm equipment divisions of Varity were sold to the US-based AGCO Corporation[3] who continue to use Massey-Ferguson as a product line.[4]

In August 1996, the remaining electrical, brake and Diesel engine divisions of Varity merged with Birmingham UK based Lucas Industries plc (Automotive & Aerospace) to become British-based LucasVarity.[5]

In 1998, following the LucasVarity merger, Perkins Engines, was sold to Caterpillar Inc.[6]

In March 1999, LucasVarity was purchased by US automotive company TRW.[7]

Massey-Ferguson exists today as the brand name within the AGCO Corporation of Duluth, Georgia, USA.[8]

Notes[edit]

  1. ^ Fink, James (1 November 1999). "Butler kin recalls mansion's heyday". Buffalo Business First. Retrieved 24 December 2012. "1991 when it was purchased by the then-Varity Corp. for its U.S. headquarters" 
  2. ^ "Varity becomes U.S. corporation". Implement and Tractor. 1 September 1991. Retrieved 24 December 2012. "Varity Corp., parent of Massey-Ferguson and Perkins Engines, has moved out of Toronto, Canada, and taken up residence in Buffalo, N.Y" 
  3. ^ Robinson, David (28 April 1994). "Varity Corp. Finalizes Deal to Sell Massey Ferguson Unit". The Buffalo News. Retrieved 24 December 2012. "Varity Corp. Wednesday said it has finalized its deal to to sell its Massey Ferguson farm machinery business to Agco Corp. for $328 million in cash and common stock." 
  4. ^ "Our Heritage". Massaey-Ferguson. AGCO Corporation. 2012. Retrieved 24 December 2012. "Massey Ferguson is part of AGCO Corporation. As an individual brand, it is one of the biggest names in farm equipment throughout the world with a 150 year history and heritage that confirms its leading role in global agriculture." 
  5. ^ Benzikie, Stephen (9 October 1996). "£180m Lucas profits are Varity merger highlight". Daily Mail (London). Retrieved 24 December 2012. "Thirty-three days into its £3.5bn merger with US group Varity, British car parts-to-aerospace giant Lucas Industries already seems the healthier side of the partnership" 
  6. ^ "Caterpillar Inc., tractor manufacturer acquires diesel engine maker Perkins Engines Inc.". Implement and Tractor. 1 January 1998. Retrieved 24 December 2012. "Caterpillar Inc. has acquired the assets of Perkins Engines, Lucas-Varity's diesel engine subsidiary" 
  7. ^ TRW is near deal to buy Lucas Varity
  8. ^ "About Massey Ferguson". AGCO Your Agriculture Company. AGCO Corporation. Retrieved 24 December 2012.