DULUTH, Ga.--(BUSINESS WIRE)--AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, today announced that its Board of Directors has authorized a share repurchase program of up to $500 million of the Company’s common stock. The latest authorization is in addition to any previously authorized share repurchases and is effective through December 31, 2016. Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices or in privately negotiated transactions.
"The new share repurchase authorization is indicative of AGCO's strong cash generation capabilities," said Martin Richenhagen, Chairman, President and CEO. "The new program underscores the Company's continued commitment to building shareholder value." The actual timing, number and value of shares repurchased under the latest program will be determined by management at its discretion within the terms of the authorization, and will depend on a number of factors, including the trading price of the stock, and general market and business conditions and applicable legal requirements. This program does not oblige the Company to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery. AGCO supports more productive farming through a full line of tractors, combines, hay tools, sprayers, forage equipment, grain storage and protein production systems, tillage implements and replacement parts. AGCO products are sold through five core machinery brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra® and are distributed globally through approximately 3,100 independent dealers and distributors in more than 140 countries worldwide. Founded in 1990, AGCO is headquartered in Duluth, GA, USA. In 2013, AGCO had net sales of $10.8 billion. www.AGCOcorp.com