Ratliff reassumed the CEO spot following Richard's departure.The 1990s ended on a down note for AGCO, as economic difficulties in Asia and Russia, which reduced the grain exports of U.S. farmers, coupled with three straight years of record crops, drastically reduced crop prices--to 20-year lows--and in turn sharply depressed demand for farm equipment. In January 1993 AGCO paid $94.8 million to Varity Corp. for the assets of farm-tractor giant Massey Ferguson's North American operations. AGCO also announced that it would sell its manufacturing plant in Argentina, consolidating the production there at its plant in Brazil. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on our website. At the time, the division was producing about $260 million in annual sales. Based in Beloit, Kansas, Sunflower was a leading producer of tillage, seeding, and specialty harvesting equipment. George M. Hinkley, for example, was a talented engineer and salesman who joined Allis in 1873. After college, Allis and a friend, William Allen, moved to Milwaukee, Wisconsin, where they opened the Empire Leather Store. Thus, AGCO is effectively the offspring of the renowned Allis-Chalmers Corp.The Allis-Chalmers Corp. was the progeny of an American named Edward P. Allis. The acquisition of both Hesston and White Tractor not only rounded out AGCO's product line, but it also added 1,100 dealerships for the distribution of AGCO's existing machinery.The Hesston and White Tractor acquisitions provided an insight into Ratliff's long-term profit strategy for AGCO.
Company profile for AGCO Corp. including key executives, insider trading, ownership, revenue and average growth rates. AGCO is a publicly held corporation focused on the global distribution of farm equipment through independent dealers and distributors to farmers engaged in agricultural production to meet the demand to feed an ever expanding population and provide crops for new industrial applications.The Company should be recognized throughout the world for the superior reliability of its products as measured by its market share leadership and the full service capability of its dealers in every market.AGCO Corporation is the world's third largest manufacturer and distributor of tractors and other farm equipment (behind Deere & Company and CNH Global N.V.). They’re modern. The company also reentered the acquisition arena. Later in 2000 AGCO entered into a joint venture with Italian agriculture equipment maker Same DeutzFahr S.p.A. to distribute Same, Deutz-Fahr, Lamborghini, and Huerlimann brands in North America. Our collection of brands is a large part of what makes AGCO so unique. It also provided AGCO with an in-house engine maker. The selection of Richenhagen showed how important Europe was to AGCO. Before 1857, Reliance had been one of Milwaukee's largest employers with a workforce of about 75.During the 1860s, Reliance Works of Edward P. Allis & Co., as the company was called, employed about 40 people working 55 hours per week. And AGCO is at the forefront of it. AGCO also continued to cut costs, particularly in its foreign operations, and to enhance its distribution network.In 1995 AGCO bought the AgEquipment Group, manufacturer and marketer of agricultural implements and tillage equipment under the Glencoe, Tye, and Farmhand brands. The recent acquisitions helped revenues surge past the $2 billion mark, hitting $2.13 billion. Chiefly because of the goodwill and faith of his creditors, Allis successfully renegotiated his debt and eventually recovered from the depression. Its giant distribution network had swelled to include 2,600 dealers, compared to John Deere's 1,400. Even prior to the Valtra deal, Europe was AGCO's largest market, accounting for 46 percent of 2003 sales. Simultaneously, the company moved to expand its presence in foreign markets with the creation of Allis-Chalmers International. However, KHD continued to operate the Allis-Chalmers combine manufacturing facility in Independence, Missouri, and even invested about $8 million in capital improvements at the plant. (CNH Global had been formed in November 1999 through the merger of New Holland N.V. and Case Corporation.)