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MarketScreener Homepage  >  Equities  >  Nyse  >  AGCO Corporation    AGCO

AGCO CORPORATION

(AGCO)
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AGCO : forges joint engineering agreement with Comer Industries

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11/21/2019 | 11:36am EST

DULUTH, GA, November 21, 2019 - AGCO (NYSE: AGCO) a global leader in the design, manufacture and distribution of agricultural machinery and solutions, today announced a joint engineering agreement with Comer Industries (Borsa Italiana SPA: COM) a global player in the design and production of advanced engineering systems and mechatronic solutions for power transmissions. Over the coming years, the companies will jointly investigate innovative solutions for future generations of front axles.

From L: Josip T. Tomasevic, AGCO Senior Vice President and Chief Procurement Officer shaking hands with Matteo Storchi, President and CEO of Comer Industries

'AGCO is committed to keep leading the way in innovative yet cost-competitive and reliable technical solutions,' commented Josip T. Tomasevic, AGCO Senior Vice President and Chief Procurement Officer. 'Comer Industries is among our first suppliers to achieve the prestigious AGCO Partner Level status. Comer Industries represents the natural choice when it comes to co-design and early supplier integration into new projects.'

'Fendt, Massey Ferguson and Valtra are recognized technology leaders in the agricultural market. We are thus honored to be AGCO's partner in a complex domain such as axles and power transmissions,' remarked Matteo Storchi, President and CEO of Comer Industries. 'The whole development team at Comer Industries is excited for this exceptional collaboration opportunity and fully committed to provide superior, competitive products and services to AGCO.'

About AGCO

AGCO is a global leader in the design, manufacture and distribution of agricultural solutions and delivers high-tech solutions for farmers feeding the world through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® smart farming solutions. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $9.4 billion in 2018. For more information, visit www.AGCOcorp.com. For company news, information and events follow AGCO on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.

About Comer Industries

Comer Industries is a global player in the design and production of advanced engineering systems and mechatronic solutions for power transmission, supplied to major manufacturers of agricultural and industrial machinery worldwide. From the gearboxes of the very first days, built at the beginning of the 1970's, to the organizational, technological and processing excellence of a large global enterprise, Comer Industries is partnering with world's leading manufacturers of agricultural equipment, industrial machinery and renewable energy applications. Founded in 1970 and headquartered in Reggiolo, Italy, Comer Industries had a net sales of €379 million.

For more information visit www.comerindustries.com.

Source: AGCO Corporation

Disclaimer

AGCO Corporation published this content on 21 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2019 16:35:04 UTC

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Sales 2019 9 199 M
EBIT 2019 591 M
Net income 2019 333 M
Debt 2019 927 M
Yield 2019 0,84%
P/E ratio 2019 16,6x
P/E ratio 2020 14,2x
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 81,72  $
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NameTitle
Martin H. Richenhagen Chairman, President & Chief Executive Officer
Eric P. Hansotia Chief Operating Officer & Senior Vice President
Andrew H. Beck Chief Financial Officer & Senior Vice President
Helmut R. Endres Senior Vice President-Engineering
P. George Benson Independent Director
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