AGCO Starts Local Production in North Africa
18 Dicembre 2012 - 7:03PM
Business Wire
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide
manufacturer and distributor of agricultural equipment, held a
ceremony yesterday to mark the production of the first Massey
Ferguson tractor produced by AGCO’s joint venture in Constantine,
Algeria. “Together with our Algerian partners, we are pleased to
produce Massey Ferguson tractors locally in Africa. This is a
significant step in our long term growth strategy for the African
continent,” stated Martin Richenhagen, AGCO’s Chairman, President
and Chief Executive Officer. “AGCO is committed to grow its
presence within Africa by investing in local manufacturing,
distribution infrastructure and new training sites. We have
committed to invest US$ 100 million in Africa over the coming
years.”
The new joint venture in Algeria for the production of Massey
Ferguson branded tractors was established earlier this year. AGCO
entered an agreement with two local partners – L’Entreprise
Publique Economique de Production de Tracteurs Agricoles (EPE ETRAG
Spa) and L’Entreprise Publique Economique de Commercialisation de
Matériels Agricoles (EPE PMAT Spa) – to form the Algerian Tractors
Company of which AGCO owns 49%. The new joint venture is based in
El Khroub, close to Constantine, and produces Massey Ferguson
tractors for sale into the domestic Algerian market. The production
has recently started and the ceremony was held to mark the occasion
of the first Massey Ferguson tractor to leave the factory.
“Africa has tremendous growth potential in the agricultural
equipment sector and our mission is to provide agricultural
solutions for African farmers,” commented Nuradin Osman, AGCO’s
Director for Africa & Middle East. “As Africa’s population is
set to rise to two billion by 2050, the need for mechanization and
training, service and support for small and medium-scale farmers
has never been greater.” AGCO’s technology-driven products will
contribute to the modernization of the African agricultural market.
“The joint venture with our Algerian partners strengthens AGCO’s
base of resources in Africa,” adds Osman. “The local manufacturing
footprint will allow AGCO to better serve Algerian customers with
high quality products and services and will accelerate the
development of AGCO’s business in North Africa.”
With over 50 years of experience in Africa through its Massey
Ferguson tractor brand, AGCO already leverages alliances with
governments, foreign investors and donors to improve agricultural
practices in Africa. AGCO also plans to fund the development of
Future Farms and Training Centers throughout Africa that will allow
local farmers and dealers to be trained on new farming technology
appropriate to their needs.
ABOUT AGCO
AGCO, Your Agriculture Company, (NYSE: AGCO), is a global leader
focused on the design, manufacture and distribution of agricultural
machinery. AGCO supports more productive farming through a full
line of tractors, combines, hay tools, sprayers, forage equipment,
tillage, implements, grain storage and protein production systems,
as well as related replacement parts. AGCO products are sold
through four core machinery brands, Challenger®, Fendt®, Massey
Ferguson® and Valtra® and are distributed globally through 3,100
independent dealers and distributors in more than 140 countries
worldwide. Retail financing is available through AGCO Finance for
qualified purchasers. Founded in 1990, AGCO is headquartered in
Duluth, GA, USA. In 2011, AGCO had net sales of $8.8 billion.
Safe Harbor Statement
Statements which are not historical facts, including
expectations regarding the development and sales of products in
this region, 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 acquisitions. 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, 2011. AGCO disclaims any obligation to
update any forward-looking statements except as required by
law.
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