
AGCO Continues Technology Transformation to Become an Industry Leader in Smart Farming Solutions
Following the recently announced transformational Joint Venture (JV) with Trimble, which creates an industry leading global mixed-fleet precision ag platform, AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, continues its technology evolution with exciting announcements.
“Our JV with Trimble is the largest in our company’s history and the biggest ag tech deal ever, and we aren’t slowing down,” said Eric Hansotia AGCO’s Chairman, President and Chief Executive Officer. “In addition to having a full-line of autonomous solutions for every stage of the crop cycle by 2030, our transformation commitment continues via acquisitions and early-stage tech investments that keep farmers at the heart of all we do and providing them the latest in smart farming solutions.”
Acquisition of FarmFacts GmbH’s Digital Assets Strengthen Data Management Offerings
On November 11, 2023, AGCO signed an agreement to acquire digital assets from FarmFacts GmbH, a leader in Farm Management Information Software (FMIS) located in Pfarrkirchen, Germany and a subsidiary of BayWa AG group. FarmFacts specializes in software for farmers and service providers to generate field action plans from prescription maps to guidance line creation. FarmFacts’ products include the NEXT Farming AG Office application and the NEXT Farming Live data platform and offer customized solutions that include documentation, fertilizer requirements for site-specific management and connections to all the major farm equipment terminals. The acquisition increases AGCO’s FMIS offering and software development capabilities to serve farmers’ data management needs.
“The purchase of FarmFacts’ digital operations is a strategic addition to our precision agriculture capabilities,” stated Seth Crawford, Senior Vice President and General Manager, Precision Ag & Digital. “As a key provider of data management solutions driving productivity and efficiency, FarmFacts will help us to better serve our European farmers.”
“As we look to the future for what is best for the needs of our customers, BayWa made the decision that AGCO is the right owner to successfully develop the suite of FarmFacts applications to a next level,” said BayWa AG Board Member Dr. Marlen Wienert. “AGCO is acquiring NEXT Farming with the aim of offering a suitable cloud solution to improve the performance, productivity and security of these applications. We believe AGCO will do an exceptional job with this.”
Terms of the transaction once closed will not be disclosed.
AGCO Ventures Sharpens Focus on Early-Stage Technology Investments
Building on AGCO’s legacy of equity investments in early-stage technologies, the company is launching “AGCO Ventures.” This initiative formalizes AGCO’s approach to sourcing and funding new and early-stage technologies to deliver on the company’s strategic priorities and to drive innovation by investing in start-up companies, venture funds, incubators, accelerators, higher education and research institutions.
AGCO Ventures will focus on information management and analytics, ag technology, environmental and alternative fuel sources, and the future of farming. Find more about AGCO Ventures at Ventures | AGCO (agcocorp.com).
About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers customer value through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, Precision Planting® and Valtra®. Powered by Fuse® smart farming solutions, AGCO’s full line of equipment and services help farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $12.7 billion in 2022. For more information, visit www.AGCOcorp.com. For company news, information, and events, please follow us on X: @AGCOCorp. For financial news on X, please follow the hashtag #AGCOIR.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231112567563/en/
Contact information
Aryn Drawdy
Corporate Communications Director
Aryn.Drawdy@AGCOcorp.com
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Evolito First in UK to Secure CAA Design Organisation Approval for Electric Propulsion Systems5.12.2023 09:00:00 CET | Press release
Evolito Limited, the pioneer of world-leading axial-flux electric motors, power electronics and battery solutions for aerospace applications, has received Design Organisation Approval (DOA) from the UK Civil Aviation Authority for electric propulsion system products. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231201483295/en/ Evolito’s D500 Axial Flux Motor: stacked for increased torque and power up to 1 megawatt. (Photo: Business Wire) The UK Civil Aviation Authority’s approval of Evolito as a Design Organisation demonstrates that it is satisfied that Evolito has the technical expertise, facilities and capabilities to design safe and reliable products, and is able to comply with stringent requirements for certification. Evolito is the first company in the UK to achieve this for electric propulsion systems. This accreditation is a significant milestone towards certification of Evolito’s products, as well as supporting cu
PUMA Scale-up Their Textile-to-textile Recycling Technology, Creating All Future Replica Football Kit Using RE:FIBRE Technology5.12.2023 09:00:00 CET | Press release
Global sports company PUMA has today announced that it has scaled up its textile recycling innovation, RE:FIBRE, replacing recycled polyester with RE:FIBRE technology in all PUMA football Club and Federation replica jerseys from 2024 onwards. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231205250478/en/ Global sports company PUMA has today announced that it has scaled up its textile recycling innovation, RE:FIBRE, replacing recycled polyester with RE:FIBRE technology in all PUMA football Club and Federation replica jerseys from 2024 onwards. (Photo: Business Wire) Since the launch of the pilot in 2022, which saw PUMA produce recycled training jerseys for their sponsored football clubs, RE:FIBRE technology has been used to create Switzerland and Morocco replica kits for the Women’s World Cup as well as Girona’s 2023/24 season Third kit. In 2024, official PUMA football replica jerseys* including those for the Euro and Copa A
Taulia Adds Bank of China and BNP Paribas to Its Funder Network5.12.2023 09:00:00 CET | Press release
Taulia, a leading provider of working capital management solutions, today announced it has added the Bank of China London Branch, and BNP Paribas to its global multi-funder network. The addition of the two major global banks is the most recent in an already large and growing network of funders available to Taulia’s global customers, enabling businesses to access an increasingly broad and diverse funding pool, with greater choice, liquidity, and availability of capital. Multifunder models within supply chain finance programs are designed to provide resilience through diversification and a wider pool of funding for different currencies, geographies, client sizes, and credit profiles. Combined with the right technology, it also enables businesses to hedge against liquidity risk, particularly during periods of economic uncertainty. Cedric Bru, CEO, Taulia, comments: “Adding Bank of China and BNP Paribas to the Taulia multi-funder network is an enormous achievement, and we are delighted to
FPT Software Joins Global Tech Giants in the AI Alliance as Founding Member5.12.2023 07:00:00 CET | Press release
FPT Software, a global leading IT provider, announced its participation in the AIAlliance, a pivotal initiative formed by leading organizations across industry, startup, academia, research, and government with a shared goal of supporting open innovation and open science in AI. The alliance is expected to advance AI collaboration and foster innovation across all aspects of AI technology, applications, and governance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231204440838/en/ FPT Software Participates in the AI Alliance with Other Global Tech Giants (Photo: Business Wire) The Alliance, co-launched by IBM and Meta in collaboration with Founding Members globally, aims to leverage a critical mass of computing, data, tools, and talent to accelerate open innovation in AI to build and support open technologies across software, models, and tools, which empower students, developers, and scientists to understand and embrace open t
Wallarm Reveals Current Threats to API Security, Move to 100% Channel Strategy and New API Attack Management Solution at Black Hat Europe 20235.12.2023 07:00:00 CET | Press release
BLACK HAT EUROPE 2023 –Wallarm, the integrated app and API security company, today announced its upcoming appearance at Black Hat Europe 2023, the Dec. 4 to Dec. 7 conference that provides the latest in research, development and trends in information security. Wallarm executives are hosting a session on Dec. 7 at 12:15 p.m. GMT at ExCeL London and sharing critical insights and recommendations from the latest API ThreatStats™ report. Additionally, Wallarm is discussing its new 100% channel strategy and launching a new API Attack Surface Management solution during Black Hat Europe. Wallarm’s Black Hat appearance comes as interest in API security solutions grows in Europe, with the Europe API security market expected to witness market growth of 31.5% CAGR during the forecast period (2023-2030). This critical opportunity allows Wallarm to build awareness around the need for API and app security, jump-start expansion to the European market and recruit additional channel partners. Key announ