AGCO Committed to Growing Presence in China and India
02 Maggio 2011 - 4:25PM
Business Wire
AGCO, Your Agriculture Company (NYSE: AGCO), a worldwide
manufacturer and distributor of agricultural equipment, took
another step today in implementing its growth strategy in Asia by
appointing Andreas Georg Weishaar as Vice President and Managing
Director, China and India.
Andreas Weishaar, Vice President and
Managing Director, China and India (Photo: Business Wire)
“AGCO's worldwide strategy is to provide high tech solutions to
farmers feeding the world and our initiatives aim at operational
efficiencies to benefit farmers globally,” said Martin Richenhagen,
AGCO Chairman, President and Chief Executive Officer. “Our
expansion in China and India is achieving both of these
goals. Andreas’ promotion signals our commitment to
agriculture in these nations.”
“This appointment further strengthens AGCO's team in these major
markets and will help us accelerate the realization of our plans to
serve domestic farmers with AGCO products as well as to leverage
China and India as manufacturing bases from which to serve global
markets,” said Hubertus Mühlhäuser, AGCO Senior Vice President,
Strategy & Integration and General Manager Eastern Europe &
Asia. “Under the leadership of Weishaar, AGCO plans to make
significant investments over the next few years in China.”
In China, Weishaar is responsible for the set-up of AGCO's
tractor operation at Changzhou in Jiangsu Province which started
production earlier this year and will expand to produce a full
range of 50 hp to 130 hp Massey Ferguson® tractors as well as AGCO
SISU Power engines. Weishaar also leads the set-up of AGCO's
operation in Daqing, Heilongjiang Province, where the company will
manufacture Valtra® high-horsepower tractors and assembly of AGCO
combines. Both provinces are key agricultural production areas with
well established supply bases.
“AGCO is bringing manufacturing closer to the market, increasing
product selection and increasing concentration on products that
meet local requirements in this important market,” said Mühlhäuser.
“AGCO has been a leading tractor exporter to China for the last
seven years, delivering hundreds of Valtra high-horsepower products
to Heilongjiang Province. Now we are taking the next step to serve
our customers.”
In India, Weishaar supervised a global AGCO team engaged in
further strengthening the company's long term strategic alliance
with Tractor & Farm Equipment (TAFE) Ltd. in Chennai, India,
since November 2007. AGCO holds a 23.75% share in TAFE, India's
second largest farm equipment manufacturer. The joint TAFE / AGCO
team delivers Indian-built Massey Ferguson tractors to AGCO's
global distribution as well as leverages component sourcing
opportunities for AGCO manufacturing facilities.
Weishaar joined AGCO’s Strategy & Integration team in
October 2005 and has been Vice President, Strategy &
Integration, since January 2009 and is responsible for the
company's strategy development and implementation. In addition, he
assumed the role of Vice President, Operations, China and India in
November 2009.
Prior to joining AGCO, he was a Senior Manager in the Strategy
& Organization practice of Arthur D. Little. He graduated from
the European Business School, Oestrich-Winkel, Germany, with a
Master in Business Administration (Diplom Kaufmann) including
semesters at Thunderbird, Glendale, AZ, USA, as well as the Ecole
Superieure de Commerce in Dijon, France. He will be located in
Changzhou, China.
ABOUT AGCO
AGCO, Your Agriculture Company, (NYSE:AGCO) was founded in 1990
and offers a full product line of tractors, combines, hay tools,
sprayers, forage equipment, tillage, implements, and related
replacement parts. AGCO agricultural products are sold under the
core brands of Challenger®, Fendt®, Massey Ferguson® and Valtra®
and are distributed globally through 2,600 independent dealers and
distributors in more than 140 countries worldwide. Retail
financing is available through AGCO Finance for qualified
purchasers. AGCO is headquartered in Duluth, GA, USA. In 2010,
AGCO had net sales of $6.9 billion. http://www.AGCOcorp.com
SAFE HARBOR STATEMENT
Statements that are not historical facts including expectations
regarding AGCO’s growth in China and India and its investment
plans, are forward-looking and subject to risks that could cause
actual results to differ materially from those suggested by the
statements. These risks include 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 expansion in foreign countries.
Further information concerning these and other factors is included
in AGCO’s filings with the Securities and Exchange Commission,
including its Form 10-K for the year ended
December 31, 2010. AGCO disclaims any obligation to
update any forward-looking statements except as required by
law.
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