AGCO to acquire Precision Planting
AGCO has agreed to acquire Precision Planting from The Climate Corporation, a subsidiary of the Monsanto Company.
AGCO Director of Investor Relations Greg Peterson tells Brownfield while Monsanto might be looking to divest the company, the technology will add value to AGCO White planters and other equipment. “I think it’s a nice coincidence that Precision Planting’s parent might be looking to divest, but that’s not why we’re doing this acquisition process. It’s more about adding this great technology to our product line.”
He says the company is already selling the products through their distribution channels and adding Precision Planting is expected to lead to more international opportunities. “Let’s just say there’s nice opportunities for us both in the U.S., but more importantly in Europe and South America.”
The transaction is subject to regulatory approvals.
John Deere’s proposed acquisition of Precision Planting from Monsanto was challenged by the Department of Justice last year.
AUDIO: Interview with Greg Peterson
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