“Africa has tremendous growth potential in the agricultural equipment sector and our mission is to provide agricultural solutions for African farmers,” commented Nuradin Osman, AGCO’s Director for Africa & Middle East. “As Africa’s population is set to rise to two billion by 2050, the need for mechanization and training, service and support for small and medium-scale farmers has never been greater.” AGCO’s technology-driven products will contribute to the modernization of the African agricultural market. “The joint venture with our Algerian partners strengthens AGCO’s base of resources in Africa,” adds Osman. “The local manufacturing footprint will allow AGCO to better serve Algerian customers with high quality products and services and will accelerate the development of AGCO’s business in North Africa.”
With over 50 years of experience in Africa through its Massey Ferguson tractor brand, AGCO already leverages alliances with governments, foreign investors and donors to improve agricultural practices in Africa. AGCO also plans to fund the development of Future Farms and Training Centers throughout Africa that will allow local farmers and dealers to be trained on new farming technology appropriate to their needs.
Statements which are not historical facts, including expectations regarding the development and sales of products in this region, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. These risks include possible declines in demand for products as a result of weather, demand and other conditions that impact farm income, actions by producers of competitive products, and the general risks attendant to acquisitions. Further information concerning these and other factors is included in AGCO’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December31,2011. AGCO disclaims any obligation to update any forward-looking statements except as required by law.