Company Highlights New Products, New Targets
and New Records in 2023 Sustainability Report
DULUTH, Ga., March 25, 2024 /PRNewswire/ -- AGCO Corporation
(NYSE: AGCO), a global leader in the design, manufacture and
distribution of agricultural machinery and precision ag technology,
today released its 2023 Sustainability Report: Farmer First.
Future Focused.
[https://ar2023.agcocorp.com/downloads/AGCO_Sustainability_Report_2023.pdf]
From operating more sustainably worldwide and helping farmers do
the same, the company continued to make progress on its
commitments.
"When farmers win, AGCO wins," said Eric
Hansotia, AGCO Chairman, President & CEO. "Our
Farmer-First strategy is about understanding farmers' pain points
so we can better serve them. This year's Sustainability Report
highlights progress on commitments in our own operations and the
many solutions at work and in development to help farmers
sustainably feed the world."
The Path to Clean Energy Products
The path toward
decarbonization begins in AGCO's manufacturing plants and extends
to farmers' fields. The company does this by serving farmers with a
choice of clean energy solutions, from electrifying lower
horsepower products to developing hydrogen- and
biomethane-compatible powertrains.
Examples of the company's purpose-driven innovation in 2023
include the launch of the first battery-electric tractor, the Fendt
e107 V Vario, and the award-winning CORE75 AGCO Power engine,
which, like all AGCO Power engines, can run on hydrotreated
vegetable oil.
Precision Ag Technology Puts Farmers in Driver's
Seat
Combining both hardware and software, precision
solutions help farmers ensure they are protecting the soil and
deploying the optimal amounts of inputs in exactly the right place
and at the right time. This sets the stage for nutrient-rich soils
that can sequester and store carbon, reduce costs and inputs, and
deliver robust yields year after year. AGCO's growing portfolio has
the tools farmers need to overcome challenges, including products
like the award-winning SymphonyNozzle from Precision Planting,
which allows farmers to set the controls from the cab of their
tractor, sprayer or from a mobile device.
Hitting New Highs
Seeking and responding to
farmers' feedback is the foundation of creating exceptional
experiences that meet and exceed customers' expectations. AGCO
achieved record levels of customer satisfaction in 2023, measured
by Net Promoter Score (NPS) across all brands. NPS measures whether
a customer would recommend AGCO's brands, machines and dealers to
others, and helps the company understand the factors that impact
interactions along the farmer's journey from their purchase
experience to performance in the field.
AGCO teams around the world also reached new engagement highs
while working more safely. They delivered the best safety results
in company history, with a double-digit improvement in Total Case
Incident Rate for the third consecutive year. Employees also
remained highly engaged in 2023, with a record 71% employee
engagement index, a 2% increase from 2022.
Breaking New Ground
In 2023, AGCO continued to make
progress on its sustainability commitments across the business. As
part of ongoing efforts to find more efficient solutions and do
more with less, AGCO has set three new targets in the areas of
decarbonizing operations and the value chain and reducing the
environmental impact of those operations.
- Decrease Scope 1 and 2 absolute emissions 55% by 2030 and
90% by 2050: The next milestone for the long-term climate
goal follows AGCO exceeding its initial emissions-reduction target
in 2022.
- Divert >90% nonhazardous waste from the landfill by
2026: Reducing waste in global manufacturing sites is
paramount as 95% of all waste generated across AGCO operations is
associated with manufacturing locations.
- Reduce absolute water withdrawals by 10% by
2026: The new water management target is focused on
manufacturing sites in water-stressed regions.
AGCO also released its 2023 Annual Report, showcasing the
company's third consecutive year of record performance. Read more
highlights in the report found here
[https://ar2023.agcocorp.com/].
About AGCO
AGCO (NYSE: AGCO) is a global leader in the
design, manufacture and distribution of agricultural machinery and
precision ag technology. AGCO delivers customer value through its
differentiated brand portfolio including core brands like
Challenger®, Fendt®, GSI®,
Massey Ferguson®,
Precision Planting® and Valtra®. Powered by
Fuse® smart farming solutions, AGCO's full line of equipment and
services help farmers sustainably feed our world. Founded in 1990
and headquartered in Duluth,
Georgia, USA, AGCO had net sales of approximately
$14.4 billion in 2023. For more
information, visit 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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SOURCE AGCO Corporation