The AGCO Story
With roots firmly established in the farm equipment industry, AGCO has a brand heritage reaching back to the mid-1800s. AGCO was established in 1990 with the purchase of Deutz Allis Corporation from German-based Kloeckner-Humboldt-Deutz AG. KHD, in turn, had purchased portions of the Allis-Chalmers agricultural equipment business five years earlier. Since that time, AGCO has become a worldwide farm machinery company through market growth, strategic acquisitions and cutting edge agricultural solutions.
AGCO was formed in the management buyout of Deutz Allis from KHD, and began manufacturing and distributing farm equipment under the AGCO® Allis and GLEANER® brand names.
AGCO purchased Hesston Corporation, a leading North American brand of hay tools and a 50 percent participation in the manufacturing joint venture with Case International, known as Hay and Forage Industries (HFI). In mid-year, AGCO purchased the White tractor business from Allied Products. Both acquisitions expanded the AGCO dealer network, while the brand identities were retained.
AGCO provided an initial public offering of one-half of its stock and became listed on NASDAQ. Subsequently, it became listed on the NYSE under the symbol "AG" in 1994.
AGCO purchased the White-New Idea business of planters, hay tools and spreaders as well as the Coldwater, Ohio manufacturing facility. AGCO purchased the North American distribution rights to Massey Ferguson® products and 50 percent of a joint venture established for Agricredit Acceptance Corporation. The Massey Ferguson® acquisition expanded the AGCO North American dealer network by over more than 1,000 dealers.
AGCO purchased the worldwide holdings of Massey Ferguson®, ensuring AGCO’s global status, and the remaining 50 percent joint interest in Agricredit Acceptance Corporation. In the same year, AGCO purchased the assets of McConnell Tractors articulated tractor manufacturing business leading to the development of the AGCOSTAR® tractor line and the assets of Black Machine, giving AGCO a unique planter frameline.
AGCO purchased the assets of Tye Company, makers and marketers of Glencoe®, Tye®, and Farmhand® agricultural implements and tillage equipment.
AGCO acquired the Iochpe-Maxion agricultural equipment company in Brazil, the number one market leader in tractors with the Massey Ferguson brand. AGCO also purchased Deutz Argentina, S.A., the number one market share leader in tractors in Argentina. AGCO purchased Western Combine Corporation and Portage Manufacturing, Inc. in Canada to expand the Massey Ferguson® combine business. AGCO also added Rabobank Nederland as its joint venture partner in Agricredit, its finance subsidiary in North America.
The Fieldstar® precision guidance and positioning system for agricultural equipment launches.
AGCO made a major acquisition of Fendt GmbH, the leading German tractor business and enhanced its availability to the world’s most advanced tractor technology. Fendt is renowned for its technology and international market share leadership. AGCO also acquired Dronningborg Industries, the leader in European precision farming technology.
AGCO created a joint venture with Deutz AG to produce engines in Argentina. AGCO also purchased the Spra-Coupe® and Willmar® product lines, two leaders in the agricultural sprayer market and merged production into one manufacturing plant in Willmar, Minnesota. AGCO adjusted its stock issued to 59,000,000 shares and led the industry in asset rationalization for a cyclical downturn.
AGCO announced the creation of AGCO Finance, a new and dedicated financing organization. Formed in association with De Lage Landen (DLL), a subsidiary of Rabobank, AGCO Finance's primary goal is to strengthen and enhance AGCO's wholesale and retail finance activities.
AGCO completed purchase of Hay and Forage Industries in Hesston, Kansas, solidifying its planned strategy to achieve efficient manufacturing rationalization by consolidating major operations in North America.
AGCO acquired Ag-Chem Equipment Co., Inc., a leading manufacturer and distributor of specialized off-road heavy equipment for agricultural and industrial application, giving AGCO the leading position in the self-propelled sprayer market.
Valmet changed its tractor brand name to Valtra.
AGCO acquired the assets of Caterpillar Inc.'s agricultural equipment business, primarily the design, assembly and marketing of their Challenger track tractors.
In late 2002, AGCO acquired the assets of Sunflower Manufacturing Company Inc., a leading producer of tillage, seeding and specialty harvesting equipment.
AGCO acquired the Valtra business, a global tractor and off-road engine manufacturer with market leadership positions in the Nordic region of Europe and Latin America. The acquisition included SISU Diesel, producers of off-road diesel engines.
AGCO acquired 50% ownership of Laverda S.p.A, Italy's leading harvesting equipment manufacturer.
AGCO purchase Sfil, a leading South American manufacturer of tillage & seeding implements.
SISU Diesel is rebranded AGCO SISU POWER.
In late 2009, AGCO announced it will open two manufacturing sites in China.
AGCO acquired the remaining 50% stake in Laverda S.p.A from the Italian ARGO Group. This agreement included 100% ownership of Fella-Werke GmbH, a Germany-based manufacturer of grass and hay machinery.
AGCO purchased Sparex Holdings Ltd and its trading subsidiaries from Rubicon Partners Industries LLP. Sparex is a leading independent, global distributor of accessories and tractor replacement parts serving the agricultural aftermarket.
In early 2011, AGCO acquired 50% of AGCO-Amity JV, LLC, thereby creating a joint venture with Amity Technology, LLC. AGCO-Amity JV develops and distributes air seeding and tillage equipment. AGCO also acquire a 50% interest in selected air seeding and tillage product lines currently sold under the Amity, Wil-Rich and Wishek brand names.
AGCO announced plans to invest in North American manufacturing by expanding high horsepower wheeled tractor manufacturing production in Jackson, Minnesota. A state-of-the-art visitor center will open in early 2012.
GSI Holding Corp. (GSI), a leading global manufacturer of grain storage and protein production systems was acquired by AGCO in late 2011.