AGCO Welcomes Parallel Ag's Merger with A.C. McCartney Equipment Dealership in Illinois

Rhea-AI Summary

AGCO announced the merger of Parallel Ag with A.C. McCartney Equipment dealership in Illinois, encompassing five locations: Carthage, Durand, Fulton, Mt. Sterling, and Wataga. This merger will enable the distribution of AGCO's popular brands, including Fendt and Massey Ferguson, across Illinois, Kansas, Oklahoma, and Texas. The merger aims to enhance customer service and product availability while maintaining existing leadership and staff at the Illinois locations for a seamless transition. This move is part of AGCO's broader strategy, initiated in 2022, to expand and improve its North American dealership network to meet increasing farmer demands.

Positive

• Merger expands AGCO's presence in Illinois, Kansas, Oklahoma, and Texas.
• Existing leadership and staff remain, ensuring continuity and customer service quality.
• Increased availability of popular AGCO brands Fendt and Massey Ferguson.
• Supports AGCO's 2022 growth strategy for North America.
• Combines resources and experience of Parallel Ag and A.C. McCartney Equipment.

Negative

• Integration risks associated with merging two companies.
• Potential short-term disruptions during the transition period.

DULUTH, Ga., June 4, 2024 /PRNewswire/ -- AGCO Corporation (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology today welcomed the announcement of Parallel Ag's merger with the A.C. McCartney Equipment dealership in Illinois, including all five of its locations in Carthage, Durand, Fulton, Mt. Sterling and Wataga. All Illinois locations will continue to operate under the A.C. McCartney Equipment name and maintain existing leadership and staff for seamless continuity of sales and services to customers. The merger will provide AGCO's full lineup of popular brands and equipment, including Fendt^® and Massey Ferguson^®, throughout the company's Illinois, Kansas, Oklahoma and Texas territories.

"We're extremely excited to work with the team at A.C. McCartney to serve our customers in Illinois and beyond," said Shawn Skaggs, Parallel Ag President and CEO. "Our combined resources and experience will give us the ability to offer even more benefits and services to our farmers."

"Parallel Ag's merger with A.C. McCartney Equipment combines two historic AGCO dealerships that have deep commitment to their farmers and communities," said Ruchir Patel, AGCO VP, Global Distribution Management. "The shared talents and strengths of their teams creates a stronger farmer-focused partner for growers in their areas."

"We are excited to join the Parallel Ag family," said Woody McCartney, President of A.C. McCartney Equipment. "Their values and resources align perfectly with ours, and I am confident they are the best partner for our customers and our employees."

AGCO embarked on an ambitious growth plan in North America in 2022 to transform and expand its North American dealership network to meet growing farmer demand and ensure comprehensive access and superior customer experiences of its brands and services. Recent dealership news in Colorado, Idaho, southern Illinois and Indiana are part of that strategy. Today's announcement regarding Parallel Ag's merger with A.C. McCartney is a key component of AGCO's plan to meet those goals and deliver access to its well-known products and services to Illinois farmers.

For more information, go to parallelag.com and acmccartney.com.

Fendt and Massey Ferguson are registered trademarks of AGCO.

About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers value to farmers and OEM customers through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO's full line of equipment, smart farming solutions and services helps farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $14.4 billion in 2023. For more information, visit www.agcocorp.com. For company news, information, and events, please follow us on X: @AGCOCorp. For financial news on X, please follow the hashtag #AGCOIR.  

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SOURCE AGCO Corporation

FAQ

What is the significance of AGCO's merger with Parallel Ag and A.C. McCartney Equipment?

The merger expands AGCO's distribution network and enhances service in Illinois, Kansas, Oklahoma, and Texas, aligning with AGCO's North American growth strategy.

Which AGCO brands will benefit from the merger with Parallel Ag and A.C. McCartney Equipment?

The merger will enhance the distribution of AGCO's popular brands Fendt and Massey Ferguson.

Will the leadership at A.C. McCartney Equipment change following the merger?

No, the existing leadership and staff at A.C. McCartney Equipment will remain in place to ensure a seamless transition.

How does this merger fit into AGCO's overall strategy?

The merger is a part of AGCO's 2022 growth plan to expand and enhance its North American dealership network to meet growing farmer demands.

Where are the locations impacted by the Parallel Ag and A.C. McCartney Equipment merger?

The merger affects A.C. McCartney Equipment's locations in Carthage, Durand, Fulton, Mt. Sterling, and Wataga, Illinois.