AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, today announced that its Board of Directors has authorized a share repurchase program of up to $500 million. This program is in addition to the approximately $31 million of remaining repurchase authority under AGCO’s current repurchase program. Share repurchases may be made by the company from time to time in open market transactions at prevailing market prices or in privately negotiated transactions.
"The implementation of this new share repurchase program reflects AGCO's confidence in the long-term strength and strategy of the company, as well as our commitment to increasing shareholder value," said Martin Richenhagen, Chairman, President and CEO. "Though we remain focused on continuing to invest in our business to capitalize on our growth opportunities, AGCO's financial performance and healthy cash flow generation allows us to be confident and opportunistic in repurchasing shares."
The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion, and will depend on a number of factors, including the trading price of the stock, and general market and business conditions and applicable legal requirements. This program does not oblige AGCO to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.
About AGCO:AGCO, Your Agriculture Company, (NYSE: AGCO), is a global leader focused on the design, manufacture and distribution of agricultural machinery. AGCO supports more productive farming through a full line of tractors, combines, hay tools, sprayers, forage equipment, tillage, implements, grain storage and protein production systems, as well as related replacement parts. AGCO products are sold through five core machinery brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra® and are distributed globally through 3,150 independent dealers and distributors in more than 140 countries worldwide. Retail financing is available through AGCO Finance for qualified purchasers. Founded in 1990, AGCO is headquartered in Duluth, GA, USA. In 2012, AGCO had net sales of $10 billion. www.AGCOcorp.com Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our business prospects and timing of share repurchases. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Important factors that could cause results to differ materially from the statements herein include the following: the price per share of our common stock; general market and business conditions; applicable legal requirements, the fact that management may not fully utilize the authorized amount due to market conditions, changes in the business or otherwise; and the success of AGCO’s business, cash flows and financial results, which could be affected by any of the items discussed in the "Risk Factors" section ; our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the SEC, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.