Attached files
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8-K - FORM 8-K - AGCO CORP /DE | g25151e8vk.htm |
Exhibit 99.1
NEWS RELEASE For Immediate Release |
MEDIA CONTACT:
|
INVESTOR CONTACT: | |
Rebecca Fabian
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David Williams | |
Stockheim Media
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Vice President and Treasurer | |
212-490-4825
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770-813-6143 | |
rf@stockheim-media.com
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David.Williams@AGCOcorp.com |
AGCO EXPANDS PARTS BUSINESS WITH ACQUISTION OF
SPAREX HOLDINGS LTD
SPAREX HOLDINGS LTD
DULUTH, GA November 5 AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide
manufacturer and distributor of agricultural equipment, today announced that it has agreed to
acquire Sparex Holdings Ltd and its trading subsidiaries from Rubicon Partners Industries LLP for
£53 million. Sparex is a leading independent, global distributor of accessories and
tractor replacement parts serving the agricultural aftermarket. Headquartered in Exeter, United
Kingdom, Sparex has operations in 17 countries and exports to over 75 countries. The transaction
is expected to close before the end of 2010 once competition authority approval is obtained.
Sparex is an excellent fit with AGCO and will allow us to extend our reach in the
agricultural aftermarket and provide our customers with an even wider range of products and
services, stated Martin Richenhagen, AGCOs Chairman, President and Chief Executive Officer.
Sparex will continue to trade as an independent business and market their products through
existing channels.
Safe Harbor Statement
Statements which are not historical facts, including expectations regarding the development of the
Sparex brand and the agricultural aftermarket, are forward-looking and subject to risks that could
cause actual results to differ materially from those suggested by the statements. These risks
include possible declines in demand for products as a result of weather, demand and other
conditions that impact farm income, actions by producers of competitive products, and the general
risks attendant to acquisitions. Further information concerning these and other factors is
included in AGCOs filings with the Securities and Exchange Commission, including its Form 10-K for
the year ended December 31, 2009. AGCO disclaims any obligation to update any forward-looking
statements except as required by law.
CHALLENGER · FENDT · MASSEY FERGUSON · VALTRA
About AGCO
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 2,700
independent dealers and distributors, in more than 140 countries worldwide. Financing is available
through AGCO Finance. AGCO is headquartered in Duluth, Georgia, USA. In 2009, AGCO had net sales of
$6.6 billion. Please visit our website at http://www.AGCOcorp.com.
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