Desperate for cash and impatient with agricultural markets, Allis-Chalmers executives reached an agreement within six months of the shutdown to sell the farm machinery division. Richard, a one-time president and CEO of Massey Ferguson, had served on the AGCO board since the acquisition of that firm. Further acquisitions during the next few years significantly broadened the company's product offerings, and Allis-Chalmers (the name was changed to Allis-Chalmers Manufacturing Company in 1913) continued to enter new machinery industries throughout the coming decades. They’re modern. Ongoing innovation, such as the landmark multiple V-belt drive (Texrope drive), which the company introduced in the 1940s, spurred steady growth of the agricultural unit.
By the turn of the 20th century, the Edward P. Allis Company was the largest supplier of steam engines in the world. We work tirelessly to help make today's farms more productive and more profitable. In February 1999, meantime, Shumejda was named president and CEO; Ratliff continued to serve as chairman.As the downturn in the agricultural equipment market continued, AGCO cut its workforce by a further 5 percent in 2000 and closed its factory in Independence, Missouri. All Rights Reserved.© Copyright 2020 AGCO Corporation. Ratliff went on to complete one more deal that year, the $48 million purchase of Sunflower Manufacturing Co., Inc., finalized in November. And AGCO is at the forefront of it. In 1991, Ratliff went to his home state of Kansas to negotiate the purchase of Hesston Corporation, a small hay handling equipment company with an excellent reputation for quality but a long history of financial problems. Later in 2000 AGCO entered into a joint venture with Italian agriculture equipment maker Same DeutzFahr S.p.A. to distribute Same, Deutz-Fahr, Lamborghini, and Huerlimann brands in North America. In the fiscal year ending in June 2003, Valtra had an operating profit of about $65 million on $900 million in revenue.A lengthy executive search also came to fruition in 2004. AGCO Corporation manufactures and distributes agricultural equipment. They are the ones that the world looks to each and every day. In the meantime, AGCO's acquisition spree was aided by an initial public offering of one-half of the company's stock. Case. While Shumejda worked to streamline AGCO's manufacturing and distribution operations, Ratliff and Ritchie continued to make acquisitions. View detailed AGCO description & address. Our values underlie our work, how we interact with each other and which strategies we employ to fulfill our mission. At the time, the division was producing about $260 million in annual sales. Making machines and equipment that respond to the world's ever-changing demands for food and fuel is what AGCO innovation is all about. In 1985, the Allis-Chalmers Agricultural Equipment Co., along with a related credit subsidiary, was sold to Klöckner-Humboldt-Deutz AG (KHD) for approximately $132 million and other consideration. We are a global leader in the design, manufacture and distribution of agricultural solutions. To make matters worse, the demand for farm equipment dropped significantly in the late 1970s.
To help stabilize the ballooning organization, Ratliff hired John Shumejda to serve as chief operating officer. For the cash-rich Allis, the disaster was an opportunity. It featured the Challenger line of tractors, launched in the late 1980s, which had rubber-belted bulldozer-like tracks.Just a week before the Caterpillar deal was completed, tragedy hit the company. Later that year, AGCO acquired White-New Idea for $53 million. Fendt was known as a producer of some of the world's most technologically advanced tractors and heavy farm equipment. They're well-known brands like Challenger, Fendt, GSI, Massey Ferguson and Valtra.
AGCO is a publicly held corporation focused on the global distribution of farm equipment through independent dealers and distributors to farmers engaged in agricultural production to meet the demand to feed an ever expanding population and provide crops for new industrial applications.The Company should be recognized throughout the world for the superior reliability of its products as measured by its market share leadership and the full service capability of its dealers in every market.AGCO Corporation is the world's third largest manufacturer and distributor of tractors and other farm equipment (behind Deere & Company and CNH Global N.V.).
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