AGCO Provides Update on Impact of COVID-19
March 23 2020 - 7:25AM
Business Wire
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide
manufacturer and distributor of agricultural equipment and
infrastructure, provided the following information about the
impacts of the COVID-19 virus on the Company.
“At AGCO, we are focused on the safety of our employees, our
dealers and the world’s farmers while doing our part to minimize
the impact of this pandemic,” stated Martin Richenhagen, AGCO’s
Chairman, President and Chief Executive Officer. “AGCO’s equipment
is key to sustainable food production across all phases of the crop
cycle and extends to animal protein production. Demand for grain
and protein will continue during this crisis, and AGCO will
continue to prioritize support of our dealers and farmers to help
promote food security.”
In light of the COVID-19 virus outbreak and the lack of
certainty of both the duration and magnitude of its impacts, AGCO
is withdrawing its sales, earnings and other guidance. Production
has been significantly reduced or suspended in several of the
Company’s European facilities, largely due to material shortages
and constraints in the European supply chain. Additional production
disruptions in other regions are expected over time. AGCO will
provide an update in connection with its first quarter earnings
announcement but does not expect to provide any additional
information until then. During disruption in production, supporting
dealers´ and customers´ service demands remains a top priority.
About AGCO
AGCO (NYSE:AGCO) is a global leader in the design, manufacture
and distribution of agricultural solutions and delivers high-tech
solutions for farmers feeding the world through its full line of
equipment and related services. AGCO products are sold through five
core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and
Valtra®, supported by Fuse® smart farming solutions. Founded in
1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales
of $9.0 billion in 2019. For more information, visit
https://www.AGCOcorp.com. For company news, information and events,
please follow us on Twitter: @AGCOCorp. For financial news on
Twitter, please follow the hashtag #AGCOIR.
Please visit our website at www.agcocorp.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200323005110/en/
Greg Peterson Vice President, Investor Relations (770) 232-8229
Greg.Peterson@AGCOcorp.com
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