Amity Technology, LLC and Wil-Rich, LLC announced they have agreed to merge and have signed a letter of intent with AGCO to form a joint venture for the development and distribution of air seeding and tillage equipment.
AGCO, based in Duluth, Ga., is a leading provider of agricultural equipment worldwide.
As part of the transaction, AGCO will acquire a 50% interest in selected air seeding and tillage product lines currently sold under the Amity, Wil-Rich and Wishek brand names.
The resulting joint venture will be based in Fargo, N.D., and will develop, manufacture and distribute products sold under its existing brand names as well as selected AGCO brand names in the future. The transaction is expected to close before the end of 2010.
“We’re excited about the opportunity to expand our product offering and geographic footprint through this partnership with AGCO,” stated Howard Dahl, Amity’s President and Chief Executive Officer.
“AGCO is an aggressive leader in supplying agricultural equipment throughout the world. We see tremendous opportunities to continue to innovate with our products, and to expand our reach through AGCO’s worldwide distribution network. And we’re excited for the opportunity this presents for employees at our facilities in Wahpeton, Wishek, and Fargo.”
"This latest agreement underlines AGCO's strategy to expand and improve its product offering to the professional farming sector worldwide," stated Martin Richenhagen, AGCO's chairman, president and CEO.
"Amity, Wil-Rich and Wishek have a strong track record for developing innovative products that improve the productivity of the farmer. We believe the combination of Amity's product innovation with AGCO's worldwide distribution resources will create a successful alliance. The Amity air seeder is ideal for wheat production, particularly in North America and Eastern Europe, and will help complement AGCO's other product offerings within those regions."
Amity Technology, LLC was founded in 1996 and offers a full line of air seeding, sugar beet harvesting, and soil sampling equipment. Amity is based in Fargo, N.D., and markets its products worldwide, with special emphasis on North America and the former Soviet Union. Amity was formed out of Concord, Inc. when Concord, Inc. was sold to Case Corporation in 1996. Please visit Amity’s website at www.amitytech.com.
Wil-Rich, LLC was founded in 2001 and offers a complete line of tillage equipment. In 2006, Wil-Rich acquired Wishek Manufacturing in Wishek, N.D. Wil-Rich and Wishek have worked with Amity to distribute equipment in the former Soviet Union. Wil-Rich is headquartered in Wahpeton, N.D. Please visit Wil-Rich’s website at www.wil-rich.com.
AGCO, Your Agriculture Company (NYSE: AGCO), was founded in 1990 and offers a full product line of tractors, combines, hay tools, sprayers, forage, tillage equipment, implements and related replacement parts. AGCO agricultural products are sold under the core brands of Challenger(R), Fendt(R), Massey Ferguson(R) and Valtra(R), and are distributed globally through more than 2,700 independent dealers and distributors, in more than 140 countries worldwide. Financing is available through AGCO Finance. AGCO is headquartered in Duluth, Georgia, USA. In 2009, AGCO had net sales of $6.6 billion. Please visit our website at http://www.AGCOcorp.com.