AGCO Appoints Richenhagen President & CEO
DULUTH, Ga., March 16 /PRNewswire-FirstCall/ -- AGCO Corporation , a worldwide
designer, manufacturer and distributor of agricultural equipment, announced the
appointment of Mr. Martin Richenhagen as its President & Chief Executive
Officer.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040316/CLTU021 ) Mr. Richenhagen has most recently been Group Executive Vice President of Forbo
International SA, a flooring material business located in Zurich, Switzerland.
Prior to this position he was Group President of Claas KgaA mbH, a major farm
equipment manufacturer and distributor located in Germany from 1998 thru 2003.
In this role he achieved extensive experience in the agricultural industry
worldwide, with particular knowledge of the European market. While at Claas his
specific responsibility focused on sales and marketing, and he was instrumental
in developing the cooperation of Claas and Caterpillar in North America and
Europe. Prior to being at Claas, he was a marketing executive with several
major European industrial companies. Mr. Richenhagen is a graduate of the
University of Bonn and Cologne and speaks four languages.
Mr. W. Wayne Booker, Lead Director of the Board of Directors of AGCO
Corporation, made the announcement and commented, "Following the loss of key
management in an aircraft tragedy in 2002, the Board has worked diligently to
identify an individual who will continue to enhance the performance of the
Company in keeping with itshistory. Mr. Richenhagen is a very experienced
international leader who the Members of the Board believe will provide
leadership in the continued profitable growth of the Company. He will report to
the Board of Directors and focus on the development of the future vision of the
business as well as being responsible for the management of current
operations." Mr. Booker further announced that Mr. Robert J. Ratliff, Chairman, President &
Chief Executive officer since the accident, would continue as the Chairman of
the Board of Directors. In this role, Mr. Ratliff will continue to provide his
significant experience and knowledge to the management issues of the future, and
be responsible for the seamless transition of executive management
responsibilities to Mr. Richenhagen and his introduction to the investment
community. Mr. Richenhagen's appointment will be effective upon receipt of the
appropriate immigration approval.
Mr. Booker expressed the appreciation of the Members of the Board for Mr. Ratliff's acceptance of this important role.
Mr. Robert J. Ratliff, Chairman, President and Chief Executive Officer of the
Company, added: "As one of the founders of AGCO, few things are more important
to me than ensuring its continued success, and keyto that is a strong and
talented leadership team. Martin brings to the Company not only additional
experience at a very high level in our industry, but also substantial managerial
and marketing experience in our largest market. I look forward to working with
him during the transition over the remainder of the year, and believe that once
I fully retire I will be leaving the Company in good hands." AGCO Corporation recently announced its sales revenues for 2003 were $3.5
billion of which 46% were generated from the European market, 34% from North
America, 12% from South America and the balance from the rest of the world.
Also on January 5, 2004, the Company announced the completion of its acquisition
of Valtra, a tractor and diesel engine manufacturer in Finland and Brazil.
Based upon AGCO Corporation's and Valtra's 2003 sales revenues, total revenues
are in the range of $4.5 billion, with over 50% of the revenue generated from
the European markets.
AGCO Corporation, headquartered in Duluth, Georgia, is a global designer,
manufacturer and distributor of agricultural equipment and related replacement
parts. AGCO products are distributed in over 140 countries. AGCO offers a full
product line including tractors, combines, hay tools, sprayers, forage, tillage
equipment and implements through more than 8,600 independent dealers and
distributors around the world. AGCO products are distributed under the brand
names AGCO(R), Agco Allis(R), AgcoStar(R), Challenger(R), Farmhand(R), Fendt(R),
Fieldstar(R), Gleaner(R), Glencoe(R), Hesston(R), LOR*AL(R), Massey Ferguson(R),
New Idea(R), RoGator(R), SisuDiesel(TM), Soilteq(TM), Spra-Coupe(R),
Sunflower(R), TerraGator(R), Tye(R), Valtra(R), White(TM), and Willmar(R). AGCO
provides retail financingthrough AGCO Finance in North America and through
Agricredit in the United Kingdom, France, Germany, Ireland, and Brazil. In
2003, AGCO had net sales of $3.5 billion.
Please visit our website at http://www.agcocorp.com/ . http://www.newscom.com/cgi-bin/prnh/20040316/CLTU021 http://photoarchive.ap.org/ DATASOURCE: AGCO Corporation CONTACT: Molly Dye, Vice President, Corporate Relations, +1-770-813-6044, or Andy Beck, Senior Vice President and Chief Financial Officer, +1-770-813-6083, both of AGCO Corporation Web site: http://www.agcocorp.com/
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