AGCO Announces Manufacturing Joint Venture with CP Foods
23 Agosto 2017 - 10:30PM
Business Wire
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide
manufacturer and distributor of agricultural equipment, announced
today that it has entered into a joint venture agreement for the
manufacture of protein production equipment with CP Foods
(BKK:CPF). Headquartered in Bangkok, Thailand, CP Foods (CPF) is a
leading producer of swine, chicken and eggs in Asia.
AGCO and CP Foods will each own 50% of a manufacturing joint
venture which will produce protein production solutions for AGCO’s
GSI division and CPF companies. Manufacturing is expected to begin
in early 2019 in a plant to be constructed in CiXi City, ZheJiang
Province, China. “Our new manufacturing joint venture with CP Foods
will greatly expand GSI’s Asian production capabilities and allow
us to provide technologically advanced solutions for CPF and other
producers in China. The joint venture will support CP Foods’
planned expansion in Asia while enabling AGCO to better serve other
animal protein producers in the region,” said Martin Richenhagen,
AGCO’s Chairman, President and Chief Executive Officer.
Safe Harbor StatementStatements which are not historical
facts, including expectations regarding this transaction 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 and joint ventures.
AGCO disclaims any obligation to update any forward-looking
statements except as required by law.
About AGCO:AGCO (NYSE: AGCO) is a global leader in the
design, manufacture and distribution of agricultural solutions and
supports more productive farming through its full line of equipment
and related services. AGCO products are sold through five core
brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®,
supported by Fuse® precision technologies and farm optimization
services, and are distributed globally through a combination of
over 3,000 independent dealers and distributors in more than 150
countries. Founded in 1990, AGCO is headquartered in Duluth, GA,
USA. In 2016, AGCO had net sales of $7.4 billion. For more
information, visit http://www.AGCOcorp.com. For company news,
information and events, please follow us on Twitter: @AGCOCorp. For
financial news on Twitter, please follow the hashtag #AGCOIR.
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AGCOGreg Peterson, 770-232-8229Director, Investor
Relationsgreg.peterson@agcocorp.com
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