Business Wire

AGCO Opens New Manufacturing Base in Changzhou

Del

AGCO (NYSE:AGCO), a world-leading manufacturer and distributor focusing on agricultural equipment, today held a press conference to announce the opening of its brand new manufacturing base in Changzhou. To date, AGCO has invested USD 300 million in factories in China. “China is one of the world’s largest farm equipment markets and AGCO has attached great importance to the market,” said Martin Richenhagen, Chairman, President and Chief Executive Officer of AGCO. “The opening of the new Changzhou location will further enhance our R&D and manufacturing capacity in China, and is a critical step in the implementation of our development strategy for the Asia Pacific region.”

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20150909006149/en/

AGCO Executives and Local Government Officials Celebrate the Grand Opening of AGCO's New Manufacturi ...

AGCO Executives and Local Government Officials Celebrate the Grand Opening of AGCO's New Manufacturing Base in Changzhou, China. (Photo: Business Wire)

Since entering China in 2001, AGCO has taken a series of measures to expand the business and benefit local customers. The establishment of the new Changzhou factory shows its continuous confidence and commitment to the Chinese market. The new site will serve both domestic as well as export markets with its professional products and covers a total area of nearly 200,000 square meters. Established as a manufacturing and R&D base with state of the art technology, the company aims to gradually reach an annual capacity of 20,000 tractors, 30,000 engines and 40,000 rear axles and transmissions, and further promote the localization of product manufacturing in China.

The launch of the new Changzhou factory is undoubtedly of great significance. “AGCO has already invested USD 300 million into existing and new manufacturing sites in China. We are now operating a total of five manufacturing sites in Changzhou, Shanghai, Daqing and Yanzhou respectively across the country and employ more than 1,500 people,” Gary Collar, AGCO Senior Vice President and General Manager of Asia Pacific explained. “Our whole-machine and spare parts equipment produced in Changzhou are for the domestic market, but are also exported to other Asian and international markets. We aim to offer comprehensive solutions for professional farmers feeding the world and to promote the agricultural mechanization progress of China and the whole world.”

“Changzhou is a strategic location for our long-term development. The geographical advantage and the policy support and incentives to the industry, led to its advantages for establishing manufacturing facilities and the supply chain,” said Fred Yang, AGCO Vice President and Managing Director of China, “The Changzhou site will not only serve the domestic market, but also become a major global hub of AGCO’s brand new product series - 'Global Series' 70 to 130 hp tractor range. It will provide more opportunities for AGCO to increase its production capacity and develop lean production efficiencies.”

There is a keen demand for high-end agricultural machinery products in China but with insufficient supply, AGCO has invested strategically in China and aims to become the premium international agricultural equipment supplier that leads the agricultural equipment market trends of the country. The company now operates four key brands in China, Massey Ferguson, Valtra, Dafeng King, and GSI, and continuously introduces and manufactures premium medium and high end products, in order to provide more mature and feasible solutions for users.

In terms of products, the MF2204 (formerly known as MF7624) is a star tractor series from the Massey Ferguson product line, which features consistently stable and highly efficient performance. Now, the 220 hp and 240 hp better-configured products will launch into the market to provide a more efficient working performance and better driving comfort. Massey Ferguson proudly provides hay and forage harvester products highly prized in China. Its stable and highly efficient product lines, including the MF-WR9700 series self-propelled windrowers, the MF1800 series small square balers, and the MF2200 series large square balers, guarantee high quality harvesting operations for customers. MF-T7 and 4YZ-3A are star products of our fleet of Combine and Harvesters of Massey Ferguson and Dafeng King. The new Changzhou factory will build the newly developed “Global Series” 70 to 130 hp tractor range which targets the global market. The series is based on the 168 years’ of Massey Ferguson production experience and adopts the modular new design concept and global strategy of parts purchasing, aiming to meet the Chinese users’ needs with stronger power, higher fuel economy, richer product configuration and a more comfortable operator environment. The ‘Global Series’ will become an important part of AGCO’s Chinese product lineup to showcase its promise to provide all-around high tech solutions continuously.

AGCO is gradually implementing the upgrade and tests for a full set of agricultural machinery products targeting the China market, to ensure the products comply with the Chinese emission standards at Phase III for non-road motor machinery.

In addition, AGCO is making sustained efforts to further strengthen its dealer performance management. Besides its new development initiatives on brand image, the channel strategy this year will focus more on the ’quality’ of sales and service standard of dealers, and AGCO will implement stricter qualification requirements, supervision and more comprehensive training to further promote the integrated capability of dealers to better serve the end users.

As a key aspect of total solutions, AGCO Finance has developed steadily since launching in China early last year, and has already penetrated more than 10% percent of AGCO’s sales in China. As one of the world’s leaders in precision agriculture technology, AGCO unveiled “Fuse Technologies” in 2013, which is a total solution of precision agriculture for a new generation. Utilizing Fuse Technologies solutions, farmers can realize the optimization of operational efficiency and logistics management in the whole crop production cycle and be able to tightly integrate farm assets, achieve higher output, less cost and generate greater farm income.

When talking about the development strategy in China, Fred Yang stated, ”AGCO’s China strategy includes growing domestic sales and market share by providing full solutions, leveraging global technology and resources to produce high quality and competitive machines for global distribution, sourcing competitively for global operations, and building one team with strong ownership, energy, transparency and a lean culture. Our vision is to become a leading global agricultural machinery manufacturer in China with the best technology, quality and innovative solutions.” So far, AGCO’s business in China is growing steadily, from a provider with product sales and after-sales services only to a total solution provider, to better serve the Chinese farmers and promote the modernization of agricultural machinery in China.

China, as an agricultural country, has not only a tremendous agricultural machinery market, but also the supportive government policies and labor force resources, which are beneficial to the brands in the industry. In response to the “new normal” period characterized by a slower growth rate and restructuring in the agricultural machinery industry, the central government issued several new policies to boost the development of agriculture and improve the security of grain production earlier this year. According to the ‘Made in China 2025’ initiative, the agricultural machinery industry, in addition to eight others, will come under the scope of support as part of the “intelligent manufacturing” program which involves a total intelligent approach to the design, processing, testing and assembly of agricultural machines. Also, according to the document No. 1 of the Central Government issued in 2015, the government has made it clear that it will prioritize the investment in agriculture and rural areas, develop the pilot financing and rental projects for large-sized agricultural machinery, strongly encourage agricultural machinery leasing, and press forward with the reforms of the rural financing systems.

About AGCO

AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural equipment. AGCO supports more productive farming through a full line of tractors, combines, hay tools, sprayers, forage equipment, grain storage and protein production systems, seeding and tillage implements and replacement parts. AGCO products are sold through five core equipment brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra® and are distributed globally through a combination of approximately 3,100 independent dealers and distributors in more than 140 countries. Founded in 1990, AGCO is headquartered in Duluth, GA, USA. In 2014, AGCO had net sales of $9.7 billion. For more information, visit http://www.AGCOcorp.com.

AGCO: 25 years of identity, centuries of history

Contact information

AGCO China
Susan Fan, +86 (10) 5706 2928
susan.fan@agcocorp.com
or
Instinctif Partners
Sandra Sun, +86 (21) 6441 6701
sandra.sun@instinctif.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

H.I.G. Capital Announces the Sale of KidsFoundation19.7.2018 19:50Pressemelding

H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with more than €21 billion of equity capital under management, announced today that one of its affiliates has entered a definitive agreement to sell the KidsFoundation Group (“KidsFoundation”), the Dutch market leader in childcare services, to Onex Corporation (“Onex”)(TSX:ONEX). Terms were not disclosed. Headquartered in Almere, the Netherlands, KidsFoundation provides high-quality childcare to nearly 30,000 children between the ages of six weeks and 12 years. H.I.G. created KidsFoundation in 2014 through the acquisition of assets from the estate of Estro Group. During H.I.G.’s ownership, the company has developed strongly with significant capital invested by H.I.G. to create a high-quality childcare offering. H.I.G. worked with KidsFoundation management to optimise the footprint of the company by exiting loss-making locations, introduce new IT systems to drive operational improvement and develop an internal M&

SIG Combibloc Group Holdings S.à r.l.: 2018 Second Quarter Results19.7.2018 16:01Pressemelding

We are pleased to announce our quarterly conference call to discuss the results of SIG Combibloc Group Holdings S.à r.l. for the second quarter ended June 30, 2018. Date: Monday, July 23, 2018 Time: 15.00 CEST / 14.00 BST / 9.00 EDT The call information will be distributed on our secure site. If you would like access to our call, please contact investor.relations@sig.biz . Regards, SIG Combibloc Group Holdings S.à r.l. View source version on businesswire.com: https://www.businesswire.com/news/home/20180719005634/en/ Contact information SIG Combibloc Group Holdings S.à r.l. Jennifer Gough investor.relations@sig.biz

NEORIS Announces Creation of Innovation Labs Worldwide to Create a Smarter Future19.7.2018 15:32Pressemelding

NEORIS, a global digital consulting services company, announced today it is consolidating the most innovative solutions it has developed in different geographies and allocating unprecedented resources to deploy a network of Innovation Labs worldwide. The main objective is to lay the foundation for the continuous development of disruptive solutions for its four core industries: Manufacturing, Financial Services, Healthcare and Telecommunications. Due to its disruptive nature, NEORIS decided that its first Innovation Lab should be housed in the Monterrey Digital Hub, which today is the first-of-its-kind as it is a space where entrepreneurs, companies, universities and investors converge to foster an ecosystem for Digital Transformation. The lab inaugurated in Monterrey, Mexico is the first of a series of Innovation Labs that will open in the different countries that NEORIS operates, and is a space where customers can experience emerging technologies through real-life scenarios. One such

CORRECTING and REPLACING Albar Capital Deploys FlexNOW19.7.2018 15:29Pressemelding

Subhead of release should read: Out-of-the-Box Multi-Asset Execution Management System (instead of Easy-to-Install Multi-Asset Execution Management System). The corrected release reads: ALBAR CAPITAL DEPLOYS FLEXNOW Out-of-the-Box Multi-Asset Execution Management System FlexTrade (@FlexTrade) today announced that Albar Capital Ltd., a new hedge fund led by Javier Velazquez (formerly of Millennium Capital Partners LLP), is now trading equities and futures using FlexNOW, FlexTrade’s new execution management system. “The FlexNOW team was instrumental in solving several of our problems,” said Jason Ruder, Trader at Albar Capital. “Not only are they helping us with our compliance requirements, they are also responsive to requests that improve my workflow.” According to Rhyd Lewis, FlexNOW Product Manager, FlexNOW’s quick onboarding and easy installation process was critical for Albar Capital’s launch on 2 July. “We had no problem integrating FlexNOW with Albar’s portfolio and risk managemen

Full Core of Westinghouse Fuel Achieved at South-Ukraine Nuclear Power Plant Unit 319.7.2018 13:25Pressemelding

Westinghouse Electric Company announced today that Ukraine’s State Enterprise National Nuclear Energy Generation Company (SE NNEGC) Energoatom’s South-Ukraine NPP Unit 3 near Yuzhnoukrainsk in Mykolaiv province was loaded with a full core of Westinghouse VVER-1000 fuel. This is the first unit in Ukraine to operate with Westinghouse VVER-1000 fuel assemblies as the sole fuel source. “Westinghouse began supplying fuel to Ukraine in 2005, when the first lead test assemblies were delivered to South-Ukraine Unit 3,” said Aziz Dag, vice president and managing director, Northern Europe. “We are proud to continue supporting Ukraine with their energy diversification by supplying a full core of Westinghouse VVER-1000 fuel to our customer, Energoatom.” Westinghouse currently supplies fuel to six of Ukraine’s 15 nuclear power reactors. Beginning in 2021, the number of reactors with Westinghouse fuel will increase to seven. “Westinghouse has made significant investments over the last several years

Seoul Semiconductor Delivers Its Innovative LED "SunLike" to U.S. Lighting Market19.7.2018 13:00Pressemelding

Seoul Semiconductor Co., Ltd. (KOSDAQ:046890), a market leader in LED (light emitting diode) design and manufacturing, announced that its innovative LED “SunLike” is applied to brand new lightings to be launched by three lighting premium brands in U.S., Pure Edge Lighting, LEDRAbrands, Inc. and Elite Lighting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180719005377/en/ The product of LEDRAbrands, Inc., NU4RA-SUN, which applied SunLike of Seoul Semiconductor (Photo: Business Wire) Seoul Semiconductor supplies SunLike to pendant lighting for Pure Edge, a U.S. lighting solution company. It is applied to high-end lighting for museums and art galleries that require the highest color quality. The leading lighting design companies, LEDRAbrands, Inc. and Elite Lighting, apply SunLike to downlights and spotlights respectively. “We have selected Seoul Semiconductor’s innovative LED SunLike for our human centric lighting and believ