Agco Corp - AGCO STOCK NEWS

AGCO has inaugurated a new AGCO Technician Training Center at Parkland College in Champaign, Illinois, marking a significant investment in agricultural education. The 22,000 square-foot facility, funded by a $5 million AGCO donation, houses the AGCO Agriculture Service Technician Associate in Applied Science (A.A.S.) degree program.

The center features 18,000 square-feet of shop space with state-of-the-art technology, special tooling, and training aids, alongside access to equipment from Fendt, Massey Ferguson, and PTx brands. The program is registered as an official apprenticeship through the U.S. Department of Labor, combining classroom learning with paid on-the-job training.

This initiative aligns with AGCO's Farmer First strategy and FarmerCore initiative, addressing the critical shortage of skilled technicians in the agricultural industry while supporting economic growth for farmers and their communities.

TAFE, AGCO 's largest shareholder with a 16.3% stake, has submitted a proposal for AGCO's 2025 Annual Meeting to require an independent Board Chair, separating it from the CEO role currently held by Eric Hansotia. TAFE argues that AGCO's combined Chair-CEO structure has led to poor performance, citing five quarters of weak sales, lower margins compared to competitors, and unsuccessful acquisitions including losses of $670.6 million from the Grain & Protein business sale. The proposal aims to enhance Board oversight, increase accountability, and improve strategic decision-making.

AGCO reported Q3 2024 net sales of $2.6 billion, down 24.8% year-over-year, with reported EPS of $0.40 and adjusted EPS of $0.68. The company reaffirmed its full-year adjusted operating margin target of 9% despite market challenges. Regional sales declined across all markets: Europe/Middle East (-18.2%), North America (-21.8%), South America (-47.0%), and Asia/Pacific/Africa (-11.7%). Lower commodity prices and high input costs led to increased conservatism from dealers and farmers, resulting in production cuts. The company completed the divestiture of its Grain & Protein business and introduced OutRun, the first commercially available autonomous retrofit grain cart solution.

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.