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.
French media reports suggest that the MF production lines at Beauvais was shut down after a recent ransomware attack.
The need for vigilance in the digital age has become a reality for the agribusiness sector.
This follows recent news that global tractor and machinery manufacturer AGCO released a short statement in early May noting that a ransomware demand had adversely affected its business operations.
The manufacturer of brands such as Massey Ferguson, Fendt and Valtra said some of the company’s production facilities had been affected and it was likely to take several days or longer to restore all operations back to normality. That process would include reinstalling software and restoring IT software at the affected sites.
Reports in the French media suggest that the MF production lines at Beauvais were shut down during the episode, with worker sent home after servers at the plant were rendered inaccessible. Likewise, German media was reporting a similar situation at AGCO’s Bavarian sites as the IT outage continued.
Although there have been no further announcements since the May notification, dealers have been contacted to advise of the actions being taken to rectify the problem. Inhouse emails are suggesting that the entire parts system was knocked out and attempts to restart it were only partly successful, with invoicing at crediting functions still down.
It appeared that parts could still be ordered and dealer inventories were able to be viewed, but order processing and deliveries were restricted.
On a broader scale, it appears that ransomware attacks are becoming more common, with US cyber-security specialists Sophos noting that there had been a 37% increase in such events between 2020 and 2021. It also notes that 45% of businesses “paid up” in the hope of ending the disruption. It is not known if AGCO paid any such ransom demand.
In an age where farmers and producers are being encouraged to place more faith in digital technologies for increased efficiency, while at the same time turning over more information to manufacturers, questions have been raised about what happens when digital crimes shut such systems down.
Who will be responsible for such systems if they are hacked, the manufacturer who installed them or the farmer/producer end user?
The attack on AGCO might serve as a timely reminder for farmers, growers and manufacturers and their distributors.
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
New Zealand’s trade with the European Union has jumped $2 billion since a free trade deal entered into force in May last year.
The climate of uncertainty and market fragmentation that currently characterises the global economy suggests that many of the European agricultural machinery manufacturers will be looking for new markets.
Dignitaries from all walks of life – the governor general, politicians past and present, Maoridom- including the Maori Queen, church leaders, the primary sector and family and friends packed Our Lady of Kapiti’s Catholic church in Paraparaumu on Thursday October 23 to pay tribute to former prime Minister, Jim Bolger who died last week.
Agriculture and Forestry Minister, Todd McClay is encouraging farmers, growers, and foresters not to take unnecessary risks, asking that they heed weather warnings today.
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