AGCO Corporation - AGCO STOCK NEWS

American Industrial Partners (AIP) has completed the acquisition of AGCO 's Grain & Protein division, which will now operate as Grain & Protein Technologies. The newly independent company, generating approximately $1 billion in annual revenue, employs over 3,200 people across 14 manufacturing facilities globally. The company serves customers in more than 100 countries through its brands GSI, Cumberland, AP, Tecno, and Cimbria, providing grain storage, seed processing solutions, and protein production systems. Jacob Thomas, former CEO of The Carlstar Group, has been appointed as CEO of the new entity.

AGCO has completed the divestiture of its Grain & Protein business to American Industrial Partners (AIP) for approximately $700 million in an all-cash transaction. This strategic move follows the PTx Trimble joint venture completion in April 2024, focusing AGCO's portfolio on agricultural machinery and precision ag technology. The proceeds will be allocated to debt repayment, technology investment, organic growth initiatives, and shareholder capital returns.

AGCO (NYSE: AGCO), a global leader in agricultural machinery and precision ag technology, has announced that its Board of Directors has declared a regular quarterly dividend of $0.29 per common share. The dividend will be paid on December 16, 2024, to stockholders of record as of the close of business on November 15, 2024.

AGCO, a global leader in agricultural machinery and precision ag technology, has announced its third-quarter 2024 earnings release conference call. The call is scheduled for Tuesday, November 5 at 10 a.m. ET. During the call, the company will refer to slides, which interested parties can access along with the conference call via AGCO's website at www.agcocorp.com under the 'Investors' Section. The webcast will be archived for 12 months following the call.

AGCO, a global leader in agricultural machinery and precision ag technology, has launched the AGCO Employee Relief Fund to provide rapid assistance to employees affected by significant crisis events like natural disasters. The initiative was inspired by the devastating floods in Brazil's Rio Grande do Sul region, where hundreds of AGCO employees were impacted. AGCO has committed over $450,000 to Brazilian employees and their families in the initial phase of relief fund grants.

The fund allows employees to submit grant support requests, with eligibility based on the crisis's significance. E4E Relief, a third-party administrator with over 20 years of experience, is managing the program to ensure confidentiality and impartial decision-making. This new initiative underscores AGCO's commitment to enhancing employee health and wellbeing offerings.

The AGCO Agriculture Foundation has launched its Call for Applications for Grant (CAG) program, seeking proposals from nonprofit organizations to support youth-led innovations for sustainable agri-food systems. The Foundation is offering grants ranging from $400,000 to $450,000, disbursed over a three-year project duration.

The program aims to encourage younger innovators in agriculture, focusing on developing solutions for regenerative agriculture, climate resilience, and technology innovations. Eligible nonprofits must target youthful innovators, young farmers, and small to medium-sized enterprises working on agri-food systems for young people.

The grant application platform, managed through Benevity, will run from October 1 to November 29, 2024. Applicants must meet eligibility requirements and adhere to the thematic focus outlined in the terms of reference. The Foundation's initiative aligns with AGCO's purpose and the United Nations Sustainable Development Goals, recognizing the important role of youth in transforming and sustaining agri-food systems.

TAFE (Tractors and Farm Equipment ) has filed a contempt petition against AGCO (NYSE: AGCO) for violating an interim status quo order from the Commercial Court in Chennai. The petition concerns AGCO's attempt to terminate TAFE's right to use the Massey Ferguson brand in India. TAFE asserts its rightful ownership of the brand, citing its 60-year history of producing and nurturing Massey Ferguson in India.

TAFE highlights its role as the second-largest tractor producer in India and third-largest globally, producing over 100,000 Massey Ferguson tractors annually. The company questions AGCO's decision to terminate their long-standing partnership after TAFE raised concerns about AGCO's strategy and performance as a major shareholder. TAFE emphasizes its significant contributions to the Massey Ferguson brand in India, including a wide product portfolio and strong distribution network.

AGCO, a global leader in agricultural machinery and precision ag technology, has issued a statement in response to a letter from Tractors and Farm Equipment (TAFE). AGCO asserts that TAFE's interests are misaligned with AGCO shareholders and criticizes TAFE's letter as a self-serving tactic. The statement highlights recent developments, including:

1. AGCO's victory at the Indian Supreme Court against TAFE's efforts to avoid arbitration.
2. AGCO's termination of TAFE's rights to use the Massey Ferguson trademark and distribute its products.
3. AGCO's successful execution of its transformation and strategic plan, resulting in record full-year net sales and adjusted operating margins in 2023.
4. The company's progress towards delivering structurally higher adjusted operating margins compared to prior industry downturns.

AGCO emphasizes its Board's commitment to acting in the best interests of all shareholders.

Tractors and Farm Equipment (TAFE), AGCO 's largest shareholder with a 16.3% stake, has issued an open letter to fellow shareholders outlining concerns about AGCO's performance and governance. TAFE criticizes AGCO's strategic missteps, poor execution, and underperformance compared to peers since Eric Hansotia became Chairman and CEO in 2021. The letter highlights AGCO's -29.97% 1-year TSR and -25.58% 3-year TSR, significantly trailing competitors and relevant indices.

TAFE calls for shareholder-driven boardroom changes, citing issues such as missed market opportunities, unsuccessful acquisitions, and ballooning costs. The letter proposes improvements in capital allocation, risk management, strategy, and corporate governance, including separating the Chair and CEO roles and implementing term limits for independent directors. TAFE suggests forming a Strategic Transformation Committee to oversee a holistic long-term strategy and enhance risk mitigation.