AGCO Announces $500 Million Share Repurchase Program
DULUTH, Ga. -- December 17, 2013
AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide manufacturer and
distributor of agricultural equipment, today announced that its Board of
Directors has authorized a share repurchase program of up to $500 million.
This program is in addition to the approximately $31 million of remaining
repurchase authority under AGCO’s current repurchase program. Share
repurchases may be made by the company from time to time in open market
transactions at prevailing market prices or in privately negotiated
"The implementation of this new share repurchase program reflects AGCO's
confidence in the long-term strength and strategy of the company, as well as
our commitment to increasing shareholder value," said Martin Richenhagen,
Chairman, President and CEO. "Though we remain focused on continuing to invest
in our business to capitalize on our growth opportunities, AGCO's financial
performance and healthy cash flow generation allows us to be confident and
opportunistic in repurchasing shares."
The actual timing, number and value of shares repurchased under the program
will be determined by management at its discretion, and will depend on a
number of factors, including the trading price of the stock, and general
market and business conditions and applicable legal requirements. This program
does not oblige AGCO to repurchase any shares under the authorization, and the
program may be suspended, discontinued or modified at any time, for any reason
and without notice.
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 five core machinery brands, Challenger®, Fendt®,
GSI®, Massey Ferguson® and Valtra® and are distributed globally through 3,150
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 2012, AGCO had
net sales of $10 billion.www.AGCOcorp.com
Forward Looking Statements
This press release contains forward-looking statements that involve risks and
uncertainties. These forward-looking statements include statements regarding
our business prospects and timing of share repurchases. Although we attempt to
be accurate in making forward-looking statements, it is possible that future
circumstances might differ from the assumptions on which such statements are
based. Important factors that could cause results to differ materially from
the statements herein include the following: the price per share of our common
stock; general market and business conditions; applicable legal requirements,
the fact that management may not fully utilize the authorized amount due to
market conditions, changes in the business or otherwise; and the success of
AGCO’s business, cash flows and financial results, which could be affected by
any of the items discussed in the "Risk Factors" section ; our most recent
Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and
our other filings with the SEC, copies of which are available free of charge
at the SEC's website at www.sec.gov or upon request from our investor
relations department. All forward-looking statements herein reflect our
opinions only as of the date of this release, and we undertake no obligation,
and expressly disclaim any obligation, to update forward-looking statements
herein in light of new information or future events.
Greg Peterson, 770-232-8229
Director, Investor Relations
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