AGCO Corp. has agreed to acquire the remaining share of a joint venture it established with Italy‘s ARGO Group.
Duluth-based AGCO, a tractor and agricultural equipment manufacturer, bought a 50 percent stake of Laverda S.p.A. in 2007 and will pay €65 million ($92.45 million) for the other half of the venture. The deal expected to close by the end of this year, at which time AGCO will also take control of Fella-Werke GmbH, a German subsidiary of Laverda.
Based in Breganze, Italy, Laverda’s factory has been making combine harvesters under AGCO’s Challenger, Fendt and Massey Ferguson brands since 2004. It also produces Laverda-branded combines.
The facility is AGCO’s only combine plant in Europe.
Visit www.agcocorp.com for more information.