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.