AGCO, Your Agriculture Company (NYSE: AGCO), a worldwide manufacturer
and distributor of agricultural equipment, today held the 2nd
annual AGCO Africa Summit in Berlin. The Summit is a joint initiative of
AGCO, Bayer CropScience, DEG – Deutsche Investitions- und
Entwicklungsgesellschaft mbH and Rabobank. “Africa’s population is set
to rise to two billion by 2050,” said Martin Richenhagen, AGCO Chairman,
President and CEO. “But food security in Africa is by no means where it
needs to be to face this challenge. It is a global responsibility to
develop agriculture in Africa to meet the growing demand for food
security and better nutrition.”
Martin Richenhagen, AGCO Chairman, President & CEO, Prof. Dr. Horst Köhler (former Federal President of Germany), John Agyekum Kufuor (former President of the Republic of Ghana), and Olusegun Obasanjo (former President of Nigeria) at the AGCO Africa Summit 2013 (Photo: Business Wire)
The AGCO Africa Summit highlighted the needs of the African continent
and discussed the challenges of today’s agriculture with regard to the
world food supply problem, declining arable land base and rapid
population growth. The participants stressed the great potential of
Africa to help to resolve these problems. Guest speakers included Prof.
Dr. Horst Köhler (former Federal President of Germany), John Agyekum
Kufuor (former President of the Republic of Ghana), and Olusegun
Obasanjo (former President of Nigeria). Panelists included Jose Condugua
Antonio Pacheco (Minister of Agriculture of Mozambique), Dr. Baba Dioum
(Coordinator General of the Conference of Ministers of West and Central
Africa) and Stephen Hayes (President and CEO of the Corporate Council on
Africa) – among others.
The AGCO Africa Summit gathers politicians, CEOs and industry experts to
help Africa move in the right direction by developing a new vision for
agriculture and sustainable investments. To meet the growing needs of
Africa’s rapidly growing population, farm productivity must increase.
Africa is estimated to hold more than 60% of the world’s remaining
uncultivated arable land. This untapped reserve of farmland holds the
key to ensuring a sustainable food supply. “Large areas across Africa
have suitable soil and climate for farming, but are not used,” explained
Richenhagen. “We need to support agricultural mechanization in Africa to
create better food security.” African farmers need more modern
mechanized farming techniques to enhance their productivity level.
Higher productivity and efficiency will help African countries become
less dependent on imported crops, thus increasing the degree of
self-sustainability.
During the past year, AGCO has already taken strategic steps to expand
its presence in Africa: AGCO opened a Global Learning Center and Future
Farm in Zambia that allows local farmers and dealers to be trained on
modern farming technology. Farmers can benefit from a wide range of
training classes and get access to professional farming equipment. AGCO
also built a new Parts Distribution Center in Johannesburg to better
serve customers in Sub-Saharan Africa and opened a regional office in
Cape Town. AGCO established a joint venture operation with local
partners in Algeria to manufacture Massey Ferguson tractors for the
African market as well. Just one month ago, the tractor production
started. In addition, AGCO is working on a variety of projects to
improve its distribution network in West and East Africa.
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 brands,
Challenger®, Fendt®, GSI ®, Massey Ferguson® and Valtra®. AGCO’s
products are distributed globally through 3,100 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 2011, AGCO had net
sales of $8.8 billion.
http://www.AGCOcorp.com
Safe Harbor Statement
Statements which are not historical facts, including expectations
regarding the development and sales of products in this region, are
forward-looking and subject to risks that could cause actual results to
differ materially from those suggested by the statements. These risks
include possible declines in demand for products as a result of weather,
demand and other conditions that impact farm income, actions by
producers of competitive products, and the general risks attendant to
acquisitions. Further information concerning these and other factors is
included in AGCO’s filings with the Securities and Exchange Commission,
including its Form 10-K for the year ended December 31, 2011. AGCO
disclaims any obligation to update any forward-looking statements except
as required by law.
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