AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. It offers horsepower tractors for row crop production, soil cultivation, planting, land leveling, seeding, and commercial hay operations; utility tractors for small- and medium-sized farms, as well as for dairy, livestock, orchards, and vineyards; and compact tractors for small farms, specialty agricultural industries, landscaping, equestrian, and residential uses. The company also provides grain storage bins and related drying and handling equipment systems; seed-processing systems; swine and poultry feed storage and delivery; ventilation and watering systems; and egg production systems and broiler production equipment. In addition, it offers round and rectangular balers, loader wagons, self-propelled windrowers, forage harvesters, disc mowers, spreaders, rakes, tedders, and mower conditioners for harvesting and packaging vegetative feeds used in the beef cattle, dairy, horse, and renewable fuel industries. Further, the company provides implements, including disc harrows leveling seed beds and mixing chemicals with the soils; heavy tillage to break up soil and mix crop residue into topsoil; field cultivators that prepare smooth seed bed and destroy weeds; drills for small grain seeding; planters and other planting equipment; and loaders. Additionally, it offers combines for harvesting grain crops, such as corn, wheat, soybeans, and rice; and application equipment, such as self-propelled, three- and four-wheeled vehicles, and related equipment for liquid and dry fertilizers and crop protection chemicals, and for after crops emerge from the ground, as well as produces diesel engines, gears, and generating sets. The company markets its products under the Challenger, Fendt, GSI, Massey Ferguson, and Valtra brands through a network of independent dealers and distributors. AGCO Corporation was founded in 1990 and is headquartered in Duluth, Georgia.
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AGCO is like John Deere, but they manufacture farm equipment under a portfolio of major brands such as Massey Ferguson and Fendt.
AGCO is the agricultural equivalent of Caterpillar, making heavy machinery for farming instead of construction.
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- Tractors: A diverse range of agricultural tractors designed for various farming applications.
- Harvesting Equipment: Includes combine harvesters and balers for efficient crop collection and processing.
- Hay & Forage Machinery: Equipment for cutting, conditioning, and handling hay and forage crops.
- Application & Tillage Equipment: Sprayers, spreaders, and implements for soil preparation and crop protection.
- Grain Storage & Protein Production: Systems for grain storage and equipment for livestock production facilities.
- Precision Agriculture Solutions: Advanced technologies that optimize farming operations through guidance, sensing, and data management.
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AGCO (NYSE: AGCO) Major Customers
AGCO Corporation (NYSE: AGCO) primarily sells its agricultural equipment, parts, and related services to other companies.
AGCO operates through a global network of independent dealers and distributors. These dealers purchase equipment directly from AGCO and then sell it to the ultimate end-users.
According to AGCO's financial disclosures (e.g., its 10-K reports), the company does not have any single customer or customer company that accounts for 10% or more of its consolidated net sales. This indicates that AGCO does not have a few "major customer companies" in the traditional sense that could be listed by name and symbol. Its sales are highly diversified across its extensive dealer network.
While AGCO's direct customers are its diversified network of independent dealers and distributors, the ultimate end-users of AGCO's products (which include brands like Fendt, Valtra, Massey Ferguson, Challenger, and GSI) can be broadly categorized as:
- Farmers and agricultural enterprises (ranging from small family farms to large commercial operations).
- Agricultural contractors providing services like harvesting, planting, or spraying.
- Governmental or institutional entities with agricultural or land management needs.
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Eric P. Hansotia Chairman, President & Chief Executive Officer
Eric P. Hansotia was named Chairman, President, and Chief Executive Officer of AGCO Corporation in January 2021. He joined AGCO in 2013 and previously served as the company's Senior Vice President and Chief Operating Officer. Before joining AGCO, Mr. Hansotia had a 20-year career at Deere & Company, where he held various global leadership positions, including Senior Vice President of Global Harvesting and Vice President of Global Crop Care. He holds a Bachelor of Science and a Master of Science in Mechanical Engineering from the University of Wisconsin – Madison, and an MBA from the University of Iowa. Mr. Hansotia grew up on a dairy farm and was involved in agricultural youth organizations like 4-H and FFA.
Damon J. Audia Senior Vice President, Chief Financial Officer
Damon J. Audia was appointed Senior Vice President and Chief Financial Officer of AGCO Corporation effective July 1, 2022. Before joining AGCO, Mr. Audia served as Chief Financial Officer at Kennametal Inc. from August 2018. He also held the position of Senior Vice President and CFO at Carpenter Technology Corporation. Prior to that, Mr. Audia spent ten years in various leadership roles at The Goodyear Tire and Rubber Company, including Senior Vice President of Finance for its North America division. His career also includes financial positions at Delphi Corporation and General Motors. Mr. Audia earned a Master of Business Administration degree from Carnegie Mellon University and an undergraduate degree from the University of Michigan.
Roger N. Batkin Senior Vice President, General Counsel & Chief Compliance Officer
Roger N. Batkin serves as Senior Vice President, General Counsel, and Chief Compliance Officer for AGCO Corporation. He is responsible for the company's global legal affairs and compliance programs. Mr. Batkin joined AGCO in May 2013. Prior to AGCO, he held various legal leadership roles, including General Counsel, Corporate Secretary, and Chief Compliance Officer at Cooper Industries plc. His experience also includes roles at Eaton Corporation, The Goodyear Tire & Rubber Company, and Jones Day. Mr. Batkin received a Juris Doctor degree from the University of Michigan Law School and a Bachelor of Arts degree from Duke University.
Kelvin Bennett Senior Vice President, Engineering
Kelvin Bennett is the Senior Vice President, Engineering at AGCO Corporation. He is responsible for leading the company's global engineering efforts. Mr. Bennett joined AGCO in July 2017. Prior to his current role, he held various leadership positions in engineering and product development at other global manufacturing companies. He has extensive experience in the agriculture equipment industry. Mr. Bennett holds a Bachelor of Science degree in Mechanical Engineering from Loughborough University and a Master of Science degree in Automotive Engineering from Cranfield University.
Ivory Harris Senior Vice President, Chief Human Resources Officer
Ivory Harris is the Senior Vice President, Chief Human Resources Officer for AGCO Corporation. She is responsible for AGCO's global human resources strategy and initiatives. Ms. Harris joined AGCO in January 2020. Before AGCO, she held various HR leadership roles at diverse global companies, including Senior Vice President of Human Resources at BASF and leadership positions at Dow Chemical. Her expertise spans talent management, organizational development, and diversity and inclusion. Ms. Harris earned a Bachelor of Business Administration degree in Human Resource Management from the University of Michigan and a Master of Science degree in Human Resources and Labor Relations from Michigan State University.
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The emergence of specialized electric and autonomous agricultural robotics from new market entrants. Companies like Monarch Tractor are developing electric, driver-optional tractors that offer a new paradigm for farm power, potentially eroding the market for AGCO's traditional diesel-powered, human-operated machinery. Similarly, companies such as Carbon Robotics are introducing highly specialized, autonomous robots for tasks like weeding, which could disrupt demand for conventional implements and chemicals, thereby impacting AGCO's diverse product portfolio.
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AGCO (NYSE: AGCO) operates in the agricultural machinery and precision agriculture technology sectors, offering a range of products and services globally. The addressable markets for AGCO's main products and services are substantial:
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Overall Agricultural Equipment: The global agricultural equipment market was valued at approximately USD 181.5 billion in 2024 and is projected to reach USD 259.7 billion by 2033. Another estimate places the global market size at USD 193.46 billion in 2024, with a projection to grow to USD 344.73 billion by 2032. The Asia Pacific region is a dominant market, holding over 36.8% of the global share in 2024. The United States also remains a prominent market for agricultural equipment.
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Tractors: The global agriculture tractor market was valued at approximately USD 60.08 billion in 2024 and is expected to reach about USD 100.59 billion by 2032. Other estimates suggest the market reached USD 65 billion in 2025 and is forecast to expand to USD 86.2 billion by 2030, or is predicted to be valued at USD 74.8 billion in 2025 and grow to USD 120.2 billion by 2034. Asia Pacific led the global market, accounting for 48.53% of the share in 2024, or approximately 78.5% in 2025. The U.S. agricultural tractors market is forecasted to be worth USD 11.3 billion in 2025, growing to USD 17.7 billion by 2034.
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Combines (Harvesting Equipment): The global combine harvester market size surpassed USD 49.74 billion in 2022 and is expected to reach around USD 74.58 billion by 2032. Another report indicates the global combines market size is expected to grow from USD 27.63 billion in 2024 to USD 28.7 billion in 2025, reaching USD 35.1 billion by 2029.
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Hay & Forage Equipment: The global agricultural haying and forage machinery market size was estimated at USD 12.95 billion in 2024, is expected to reach USD 13.60 billion in 2025, and is projected to reach USD 17.19 billion by 2030. North America holds the largest market share in this segment, accounting for over 40% of the global revenue, with a market size of USD 3.58 billion in 2024.
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Smart Farming Technologies/Precision Agriculture: The global smart agriculture market size was estimated at USD 25.36 billion in 2024 and is projected to reach USD 54.71 billion by 2030. Other estimates for the global smart agriculture and farming market range from USD 18.7 billion in 2024 to USD 37.1 billion by 2033, or USD 21.5 billion in 2024 to USD 58.4 billion by 2034. North America accounted for the largest revenue share in this industry, holding over 43.0% in 2024, approximately USD 9.5 billion. Asia Pacific is anticipated to experience significant growth in this market.
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AGCO (symbol: AGCO) is anticipated to drive future revenue growth over the next 2-3 years through several key strategic initiatives:
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Globalization and Expansion of the Fendt Product Line: AGCO is focused on expanding the net sales of its high-margin Fendt product line, particularly in North and South America, with a target of reaching $1.7 billion in these regions. This involves a full-line product rollout of the Fendt brand.
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Growth in Precision Agriculture and Digital Solutions (PTx Business): The company is making significant investments in its Precision Agriculture (PTx) business, aiming for $2 billion in Precision Ag revenues. This growth is expected to be fueled by the PTx platform, the launch of new digital tools such as FarmENGAGE, and advancements in autonomous farming solutions.
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Increasing the Global Parts Business: AGCO plans to accelerate its global parts business, targeting $2.3 billion in global sales and increasing the market share of genuine AGCO parts. This represents a high-margin growth driver for the company.
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Geographic Market Growth: While anticipating relatively flat global industry sales in 2026, AGCO foresees potential growth in Europe and South America, which could contribute to overall revenue expansion. The Europe and Middle East regions, in particular, have shown robust performance with increased net sales.
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Strategic Shifts and Operational Efficiency: Initiatives such as "Project Reimagine" are aimed at company-wide restructuring to reduce costs, which can indirectly support revenue growth by improving competitiveness and operational agility in a challenging market. AGCO's focus on operational efficiency is expected to sustain profitability and navigate the competitive landscape.
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Share Repurchases
- AGCO announced a new share repurchase program of up to $1 billion on July 9, 2025, following a resolution with Tractors and Farm Equipment Limited (TAFE).
- The company plans to commence $300 million in share repurchases in the fourth quarter of 2025, using $230 million in after-tax proceeds from the TAFE ownership sale.
- As of December 31, 2020, approximately $245.0 million was eligible for repurchase under board-approved authorizations, with a target of $120 million to $150 million for opportunistic repurchases in 2021.
Outbound Investments
- AGCO acquired JCA in May 2022, a designer and manufacturer of electronic control systems.
- Other acquisitions include Appareo (December 2021) and Faromatics (September 2021). AGCO also acquired Farmobile, a data-driven agriculture platform, in August 2023.
- AGCO has a joint venture, PTx, with Trimble, which is a key part of its precision agriculture strategy.
Capital Expenditures
- Capital expenditures are expected to be approximately $300 million for the full year 2025. This is a reduction from earlier estimates of $350 million and the $393 million spent in 2024.
- The primary focus of capital expenditures is on supporting strategic initiatives, including investments in precision agriculture, autonomous solutions, and sustainable technologies.
- Research and Development (R&D) spending, often linked to capital allocation for innovation, surged to $549 million in 2023, representing a 60% increase since 2020, with 65% of this budget allocated to smart machines and clean energy technologies.
