AGCO and TAFE conclude commercial partnership with $260m share buyback
AGCO Corp has agreed with TAFE to resolve all outstanding disputes and matters related to their commercial relationship.
“We are delighted to announce the acquisition of a 15.7ha next door, to consolidate our presence in Beauvais,” Martin Richenhagen – chairman, president and chief executive officer of AGCO said.
The new acquisition, will see the company invest around €40 million ($NZ 67m), creating 200 new jobs to add to the 100-plus jobs created at Beauvais 3 – back in 2018 to make Beauvais the Global Home of the Massey Ferguson Brand.
Including 4.5ha of buildings, AGCO says the expansion will include a tractor customisation workshop to offer a wider choice to our customers, fitting specific, customised equipment and accessories off the production line.
Additionally, the company will develop a manufacturing facility to capitalise on acquired expertise on prototype parts 3D printing for manufacturing for small series, complex and customised parts production to support the tractor customisation workshop.
From April 2020, the facility will undertake in-house production of hydraulics pipes, which are currently outsourced from suppliers in Europe and Asia. A separate department will undertake gearbox remanufacturing.
The company notes the extra space will also allow it to roll out a range of new agricultural machinery. This is a key part of growth plans for Massey Ferguson, which saw 18 new tractor ranges launched since 2015 – with a further 10 to come by 2023.
