AGCO Announces Ransomware Attack

Rhea-AI Summary

AGCO (NYSE:AGCO), a leading agricultural equipment manufacturer, announced a ransomware attack on May 5, 2022, affecting its production facilities. The company is currently investigating the incident, which is expected to disrupt operations for several days or longer. AGCO has stated that the timeline for restoring services depends on the successful repair of its IT systems. Additional updates will be provided as the situation develops. In 2021, AGCO reported net sales of $11.1 billion.

Positive

• AGCO is a significant player in the global agricultural machinery market.
• $11.1 billion in net sales reported for 2021 indicates strong financial performance.

Negative

• Ransomware attack on May 5, 2022, could severely impact production and operations.
• Uncertainty regarding the timeline for restoring IT systems and resuming operations.

DULUTH, Ga.--(BUSINESS WIRE)-- AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, announced today that on May 5, 2022, it was subject to a ransomware attack that has impacted some of its production facilities. AGCO is still investigating the extent of the attack, but it is anticipated that its business operations will be adversely affected for several days and potentially longer to fully resume all services depending upon how quickly the Company is able to repair its systems. The Company will provide updates as the situation progresses.

Cautionary Statements Regarding Forward-Looking Information

Our expectations with regard to resolving the issues are forward-looking statements, and actual results could be materially different due to a number of factors, including our ability to successfully reinstall software and restore IT operations at the effected sites.

About AGCO

AGCO (NYSE:AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers customer value through its differentiated brand portfolio including core brands like Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®. Powered by Fuse® smart farming solutions, AGCO’s full line of equipment and services help farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $11.1 billion in 2021. For more information, visit 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005290/en/

Greg Peterson

Vice President, Investor Relations

(770) 232-8229

greg.peterson@agcocorp.com

Source: AGCO

FAQ

What impact did the ransomware attack on AGCO have on operations?

The ransomware attack on AGCO is expected to disrupt operations for several days or longer.

When did AGCO report the ransomware attack?

AGCO reported the ransomware attack on May 5, 2022.

What is AGCO's stock symbol?

AGCO's stock symbol is NYSE:AGCO.

What were AGCO's net sales in 2021?

AGCO reported net sales of $11.1 billion in 2021.

How is AGCO addressing the ransomware attack?

AGCO is investigating the attack and working on repairing its IT systems to resume operations.