July 26, 2017
AGCO and The Climate Corp. announced today that a definitive agreement has been signed for AGCO to acquire the Precision Planting equipment business.
“Precision Planting is a strong business that plays an essential role in the growth and adoption of innovative precision ag practices that help farmers enhance their productivity,” said Mike Stern, chief executive officer for The Climate Corporation. “As a leading global equipment manufacturer, AGCO is uniquely positioned to enable broader distribution of Precision Planting technology and will continue the development of innovative products that improve the efficiency and productivity for farmers around the world.”
“The acquisition of Precision Planting will solidify AGCO as one of the global leaders in planting technology and strengthen our position as a full line partner for professional farmers across the globe,” said Martin Richenhagen, AGCO’s chairman, president and chief executive officer.
The Climate Corporation’s Climate FieldView digital agriculture platform will retain connectivity with Precision Planting’s 20/20 SeedSense monitor.
The terms of the agreement were not disclosed. The transaction is subject to regulatory approvals.
Tim Norris, a Precision Planting dealer in Mid-Central Ohio, provided these thoughts on the news:
“Well, I think that AGCO will be a good choice to sell to,” Norris says at InfoAg 2017. “They have invested a lot in precision ag and it should be a good fit for Precision Planting. It’s my hope that the current leadership and dealer network of Precision Planting will remain intact, and I look forward to seeing the growth that will come once we put this uncertainty of what will happen to the company behind us.”