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||AGCO CORP. (AG) -- Agco is
headquartered in Duluth, Georgia. It is a global manufacturer and distributor of
agricultural equipment and related replacement parts.
Agco distributes products in 140 countries, including tractors, combines, hay tools, forage equipment, implements and sprayers through over 8,500 dealers/distributors. AGCO products are distributed under the brand names AGCO®Allis, Massey Ferguson®, Hesston®, White, GLEANER®, New Idea®, AGCOSTAR®, Black Machine, Landini, Tye®, Farmhand®, Glencoe®, Detutz (South America), IDEAL, Fendt and Spra-Coupe. Agco is a major maker and seller of farm machinery and hay tools in North America.
Agco agreed in December 2001 to acquire the Challenger-branded, four-wheel-drive farm tractor assets from Caterpillar Inc. (CAT) for undisclosed terms. Agco plans to continue building the vehicles at DeKalb, Ill., and sell the vehicles through an existing network of dealers in North America.
Agco acquired Ag-Chem earlier in 2001. Ag-Chem is the largest maker and seller of farm sprayer-type equipment in North America. It also bought the remaining 50 per cent equity position in a hay tool-making venture with CNH Global N.V. (CNH) during 2000. The Kansas venture was named Hesston Corp. Agco closed two facilities in Coldwater, Ohio, and Lockney, Texas, during 2000. Agco said it generated annual cost savings of $10.0-$15.0 million as a result of the two plant closings in Ohio and Texas.
Agco relocated products produced at the Coldwater plant to other Agco facilities in North America and Europe. Coldwater products, including planters, hay tools and spreaders were shifted to Hesston, Kan. Agco also moved four-wheel-drive farm tractor assembly from Coldwater to a plant in Beauvais, France. Coldwater farm implement assembly and Lockney assembly of Agcos Tye-branded seed drills and cultivation products were relocated to Hesston during April 2000.
The firm had been leasing its Lockney plant since March of 1995 as part of the AgEquipment acquisition, which included the Farmhand, Glencoe and Tye brands. The Lockney plant employed nearly 55 employees prior to its shutdown.