Published: 04/11/2024
Ferguson, and
Valtra, is selling its grain storage and processing division, Grain and
Protein, for US$700 million (equivalent to €648 million) to investment firm
American Industrial Partners. The deal involves five brands: GSI, Automated
Production, Cumberland, Cimbria, and Tecno. Under these brand names, Agco
manufactures grain silos, dryers, and conveyors. However, Agco will retain the
Chinese operations of Grain and Protein.
According to
Agco, divesting this division allows the manufacturer to focus on the
production and development of agricultural machinery and precision agriculture
technologies. Agco plans to use the proceeds from the sale for predetermined
priorities, including paying off debts, investing in technology, business
growth, and paying shareholders. – Future Farming