This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AGCO Completes Acquisition Of GSI Holdings

AGCO, Your Agriculture Company (NYSE: AGCO), a worldwide manufacturer and distributor of agricultural equipment, today announced that it has completed the acquisition of GSI Holdings Corp. (GSI) from affiliates of New York-based Centerbridge Partners, L.P. for $928 million, net of cash acquired and subject to customary closing adjustments. This action follows recent regulatory clearance of the transaction. GSI is a leading global manufacturer of grain storage and protein production systems. Headquartered in Assumption, Illinois, GSI sells its products globally through more than 500 independent dealers.

“AGCO and GSI share a similar culture and commitment to superior agricultural products and service, and together, we will give our customers even greater access to technology to help them be more productive and profitable,” stated Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer. “With its high quality products and services, recognized brands and global capabilities, GSI gives AGCO strong positions in the grain storage and protein production segments and is well-positioned to benefit from increases in global grain and food demand.”

“The integration of GSI into AGCO is a very positive step for our company’s future development and its employees, customers and dealers,” said Scott Clawson, President and Chief Executive Officer of GSI. “AGCO provides excellent prospects for GSI, given its global presence, which will open up new distribution and growth opportunities. At the same time, GSI’s industry-leading products and expertise in grain storage and protein production systems will also represent a major enrichment to AGCO’s plans for market expansion. “We are excited about continuing our success as part of the AGCO family.”

Effective today, Mr. Clawson is appointed Senior Vice President, AGCO and Chief Executive Officer of GSI, reporting directly to Mr. Richenhagen. “I am pleased to have Scott as a new member of our senior management team,” said Mr. Richenhagen. “Scott has a strong track record of success growing GSI’s revenue and profitability. I am confident he will be a valuable leader as we work together to deliver quality products to our customers and improved growth, profitability and value for our shareholders.” In his new role, Mr. Clawson will work closely with AGCO’s Regional General Managers to develop synergies and growth opportunities across the globe.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.93 -55.19 -0.30%
S&P 500 2,114.47 -6.32 -0.30%
NASDAQ 5,091.1090 -6.8670 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs