AGCO to acquire Precision Planting LLC

by | Jul 26, 2017 | 5 Ag Stories, News

ACGO announced today that an agreement has been signed for the acquisition of equipment business, Precision Planting LLC.

AGCO Chairman, President and Chief Executive Officer Martin Richenhagen said the acquisition would help AGCO compete on a global scale.

?The acquisition of Precision Planting will solidify AGCO as one of the global leaders in planting technology and strengthen our position as a full line partner for professional farmers across the globe,? Richenhagen said.

Chief Executive Officer for The Climate Corporation Mike Stern said the acquisition will allow AGCO to help farmers improve productivity.

?Precision Planting is a strong business that plays an essential role in the growth and adoption of innovative precision Ag practices that farmers enhance their productivity,? Stern said. ?As a leading global equipment manufacturer, AGCO is uniquely positioned to enable broader distribution of Precision Planting technology and will continue the development of innovative products that improve the efficiency and productivity for famers around the world.?

The transaction is subject to regulatory approvals. The acquisition follows the Department of Justice?s decision to decline John Deere?s request to acquire Precision Planting LLC last year.