DULUTH -- A local farm machinery manufacturer has announced plans to buy an Illinois business that makes grain silos and other farming equipment -- a $940 million business deal.
AGCO agreed to acquire GSI Holdings Corp. from affiliates of New York-based Centerbridge Partners L.P. The corporation's annual revenue is more than $700 million.
Officials with Duluth-based AGCO, a worldwide manufacturer and distributor of agricultural equipment, said the acquisition is big news for the company.
"GSI is an excellent fit with AGCO and will allow us to extend our reach in the agricultural industry and provide our customers with an even wider range of products and services," said Martin Richenhagen, AGCO's chairman, president and chief executive officer.
Added Richenhagen: "With its high quality products and services, recognized brands and global capabilities, GSI gives us strong positions in the grain storage and protein production segments and is well-positioned to benefit from increases in global grain and food demand."
A Fortune 500 Company, AGCO was founded in 1990 and offers a product line of tractors, combines, hay tools, sprayers, and forage equipment.
Products are sold under the core brand names of Challenger, Fendt, Massey Ferguson and Valtra, and are distributed through 2,600 independent dealers and distributors. AGCO has a net sales of $6.9 billion, employing more than 14,000 people worldwide.
For more information, visit wwww.agcocorp.com.