AGCO to acquire Precision Planting
As you probably know, Precision Planting has been in the news for quite sometime now. This release from AGCO is an exciting proposition.
AGCO to Acquire Precision Planting from The Climate Corporation
July 26, 2017
AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment and The Climate Corporation, a subsidiary of Monsanto Company (NYSE:MON), announced today that a definitive agreement has been signed for AGCO to acquire the Precision Planting LLC equipment business.
“Precision Planting is a strong business that plays an essential role in the growth and adoption of innovative precision ag practices that help farmers enhance their productivity,” said Mike Stern, chief executive officer for The Climate Corporation. “As a leading global equipment manufacturer, AGCO is uniquely positioned to enable broader distribution of Precision Planting technology and will continue the development of innovative products that improve the efficiency and productivity for farmers around the world.”
“The acquisition of Precision Planting will solidify AGCO as one of the global leaders in planting technology and strengthen our position as a full line partner for professional farmers across the globe,” said Martin Richenhagen, AGCO’s chairman, president and chief executive officer.
The Climate Corporation’s Climate FieldViewTM digital agriculture platform will retain connectivity with Precision Planting’s 20/20 SeedSense monitor.
The terms of the agreement were not disclosed. The transaction is subject to regulatory approvals.
Cautionary Statements Regarding Forward-Looking Information
Statements which are not historical facts, including expectations regarding the closing of the acquisition are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. These risks include, but are not limited to, the failure to obtain regulatory approvals, the failure to satisfy closing conditions. Undue reliance should not be placed on these forward-looking statements, which are current as of the date of this release, and AGCO and Monsanto Company disclaim any obligation to update any forward-looking statements except as required by law.
Full news release here.