AGCO’s turnover approaches a whopping $10 billion
AGCO, which encompasses Massey Ferguson, Fendt, Valtra and other farm machinery brand-names, notched up revenues approaching $10 billion last year (2018).
It reported a total turnover figure of $9.4 billion for the past financial year. That’s up by over 12%, compared with the figure for 2017.
“AGCO delivered solid results in 2018, while making important investments to position us for future success,” explained Martin Richenhagen, AGCO’s chairman, president and chief executive officer.
Sales growth across all of our regions and solid operational execution allowed AGCO to meet its financial targets for 2018 and deliver improved results compared to 2017.
“We are growing our business by delivering the broadest product offering in the industry. We provide full-line smart farming solutions to our customers throughout the agricultural production cycle.
“It starts with soil preparation and cutting-edge smart planting, through spraying and harvesting, and ends with grain storage and protein production equipment.”
He continued: “AGCO will continue to invest in new products, new technology, improved distribution and enhanced digital capabilities to improve our margins and produce higher returns on our invested capital.Also Read: Massey Ferguson facility to expand, as production ‘ramps up to 18,000 tractors per year’
“Looking forward into 2019, we are forecasting further earnings improvement as industry conditions trend positively and we benefit from our cost reduction strategies targeted at purchasing actions and factory productivity, as well as new product development.”