AGCO CEO: Rising Africa Not Offsetting Slow Europe, Low Crop Prices

Lower crop prices may be a headwind to AGCO's business, but the tougher environment is enabling the farm equipment seller to increase share and streamline operations, said the company's CEO Martin Richenhagen. Richenhagen added that the competitive environment is not changing due to the drop in commodity prices. He said the company's Russian business has not been affected by the Ukraine crisis, although the economic slowdowns in France, Spain and Italy is weighing on sales. AGCO's African operations have been a bright spot, according to Richenhagen, and will start adding significantly to the top line soon.