AGCO Corporation (NYSE:AGCO), Your Agriculture Company, a worldwide manufacturer and distributor of agricultural equipment, announced today that it has entered into a consent agreement with the Securities and Exchange Commission and a deferred prosecution agreement with the U.S. Department of Justice resolving their investigations of the Company’s sales of farm equipment to Iraq from 2000 to 2003 under the United Nation’s Oil-for-Food program.
Under the terms of the settlements, the Company will pay approximately $20 million in disgorgement of profits relating to the sale together with related fines, penalties and interest. The Company fully reserved the full amount of the settlements in prior periods. The Company cooperated fully with the SEC and DOJ in their investigations of the Company and received a credit in calculating the settlement amount for this cooperation.
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.
Debra Kuper, 770-232-8276
Vice President General and Corporate Secretary