AGCO Corporation (NYSE:AGCO), Your Agriculture Company, a worldwide distributor and manufacturer of agricultural equipment, today announced that it has been awarded a contract in a competitive bid for tractors by the Heilongjiang provincial government in China. This program is aimed at expanding agricultural technology and productivity in the local Chinese market.
Under the terms of the agreement, AGCO will deliver over 300 units of Valtra tractors to the province by the year end. These units will help meet the needs of the Heilongjiang province for advanced agricultural technologies. AGCO’s Valtra T191h tractors are high calibre machines that have received wide recognition in the China market thus far. The new units to be delivered to the province will further contribute to the sustainable growth of the local agricultural sector.
With the delivery of the machines, AGCO will conduct large scale technical training for over one thousand local end users. The planned training will allow the local end users to better understand modern agricultural equipment as well as operational and maintenance knowledge.
"AGCO is committed to growing our representation within China and the Heilongjiang province is one of our key focal areas,” said Hubertus Muehlhaeuser, Senior Vice President, Strategy & Integration and General Manager, Eastern Europe & Asia.
Eric Raby, Vice President, Sales & Marketing, Eastern Europe and Asia, explained, “AGCO has been successful in this province with the Valtra brand of tractors and this addition to the current fleet of machines reinforces the progress AGCO is making in obtaining acceptance from farmers of the region,”.
AGCO has been a market leader in China for imported tractors. Over the past decade it has assembled a strong local post-sales service team and spare parts stocks serving the needs of local end users in various regions.
AGCO, Your Agriculture Company, (NYSE: AGCO) was founded in 1990 and offers a full product line of tractors, combines, hay tools, sprayers, forage, tillage equipment, implements, and related replacement parts. AGCO agricultural products are sold under the core brands of Challenger®, Fendt®, Massey Ferguson® and Valtra®, and are distributed globally through more than 2,800 independent dealers and distributors, in more than 140 countries worldwide. AGCO provides retail financing through AGCO Finance. AGCO is headquartered in Duluth, Georgia, USA. In 2008, AGCO had net sales of $8.4 billion. Please visit our website at www.AGCOcorp.com.
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of AGCO Corporation to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will," "likely," "offers" or other similar words and phrases often identify forward-looking statements made on behalf of AGCO. These forward-looking statements involve a number of risks and uncertainties. It is important to note that actual results of the company may differ materially from those described or implied in such forward-looking statements. Further information concerning these and other factors is included in AGCO’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2008. AGCO disclaims any obligation to update any forward-looking statements.
Nancy Klentak, 770-232-8209
Manager, Global Corporate Communications
Greg Peterson, 770-232-8229
Director, Investor Relations