AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. The company’s products are marketed under various brands, including Challenger, Fendt, GSI, Massey Ferguson, and Valtra. The company distributes its products through a combination of approximately 3,100 independent dealers and distributors in approximately 140 countries. In addition, it also provides retail financing through finance joint ventures with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., which is referred to as ‘Rabobank’. Tractors The company offers high horsepower tractors (100 to 590 horsepower), typically used on larger farms, primarily for row crop production; utility tractors (40 to 100 horsepower); typically used on small- and medium-sized farms and in specialty agricultural industries, including dairy, livestock, orchards and vineyards; and compact tractors (under 40 horsepower), typically used on small farms and specialty agricultural industries, as well as for landscaping and residential uses. Combines: Combines are sold with various threshing technologies and complemented by crop-harvesting heads, typically used in harvesting grain crops such as corn, wheat, soybeans and rice. Application Equipment: These are self-propelled, three- and four-wheeled vehicles and related equipment for use in the application of liquid and dry fertilizers, and crop protection chemicals. The company manufactures chemical sprayer equipment for use both prior to planting crops, known as ‘pre-emergence,’ and after crops emerge from the ground, known as ‘post-emergence’. Hay Tools and Forage Equipment, Implements and Other Equipment: The company’s hay tools and forage equipment include both round and rectangular balers, self-propelled windrowers, disc mowers, spreaders and mower conditioners and are used for the harvesting and packaging of vegetative feeds used in the beef cattle, dairy, horse and alternative fuel industries. The company also distributes a range of implements, planters and other equipment for its product lines. Tractor-pulled implements are used in field preparation and crop management. Implements include disc harrows, which improve field performance by cutting through crop residue, leveling seed beds and mixing chemicals with the soil; heavy tillage, which break up soil and mix crop residue into topsoil, with or without prior discing; and field cultivators, which prepare a smooth seed bed and destroy weeds. Tractor-pulled planters apply fertilizer and place seeds in the field. Other equipment primarily includes loaders, which are used for various tasks including lifting and transporting hay crops. Grain Storage and Protein Production Systems: The company manufactures and distributes grain storage and protein production systems, which include grain storage bins, and related drying and handling equipment systems, as well as swine and poultry feed storage, and delivery, ventilation and watering systems. Replacement Parts: Replacement parts for all of the products the company sells, including products no longer in production. Most of its products could be maintained with parts and service for a period of 10 to 20 years. Its parts inventories are maintained and distributed through a network of master and regional warehouses in all of the regions that the company operates within in order to provide a timely response to customer demand for replacement parts. Marketing and Distribution The company distributes products primarily through a network of independent dealers and distributors. Its dealers are responsible for retail sales to the equipment’s end user in addition to after-sales service and support of the equipment. The company’s distributors sell its products through a network of dealers supported by the distributor. In some countries, the company utilizes associates and licensees to provide a distribution channel for its products and/or a source of low-cost production for certain Massey Ferguson and Valtra products. Suppliers The company purchases some fully manufactured tractors from Tractors and Farm Equipment Limited (TAFE), as well as from Carraro S.p.A. and Iseki & Company, Limited. Seasonality The company’s financing requirements are subject to variations due to seasonal changes in working capital levels, which increase in the first half of the year and then decrease in the second half of the year. The fourth quarter is also typically a period for higher retail sales because of its customers’ year end tax planning considerations, the increase in availability of funds from completed harvests and the timing of dealer incentives. Competition The company’s two principal competitors on a worldwide basis are Deere & Company and CNH Industrial N.V. History AGCO Corporation was founded in 1990. The company was incorporated in Delaware in 1991.
agco corp (AGCO:New York)
4205 River Green Parkway
Duluth, GA 30096
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