AGCO to Acquire 50-Percent Stake in Italian Harvesting Business
7/31/2007

AGCO Corporation has announced it has agreed to acquire 50 percent of Laverda S.p.A from the Italian ARGO group, subject to approval.

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AGCO management said the joint venture supports the company’s strategic aim of taking a leading position in the European harvesting business by improving its product offering of harvesting equipment, strengthening its market positioning and providing a foundation for long term product development.

Laverda operates a production facility for harvesters in Breganze, located in Northern Italy. In 2006, Laverda's annual consolidated net sales were approximately EUR 133 million ($179 million). Besides producing Laverda branded combines, the Breganze factory has been manufacturing mid-range combine harvesters for AGCO's Massey Ferguson, Fendt and Challenger brands, for distribution in Europe, Africa and the Middle East, since 2004. Based on the success of this agreement over the past few years, AGCO is looking to combine the sales volumes of the Laverda and AGCO brands in an effort to strengthen its position in the competitive marketplace.

The joint venture also includes Laverda's ownership in Fella-Werke GMBH, a German manufacturer of grass and hay machinery, and its 50-percent stake in Gallignani S.p.A, an Italian manufacturer of balers. The addition of the Fella and Gallignani product lines enables AGCO to provide a comprehensive harvesting offering to its customers. Overall, the integration of harvesting development activities for Europe will significantly improve AGCO's base of resources committed to the harvesting business.

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