In August of last year, AGCO announced its CEO Martin Richenhagen would be retiring on Dec. 31, 2020, with Eric Hansotia, its then COO, assuming the CEO role. Ag Equipment Intelligence editors reached out to key analysts in the industry to see what impact Richenhagen had on AGCO’s direction, what successes he’ll be remembered for and how Hansotia will fill his shoes.
AGCO's total net sales for the first quarter were approximately $1.9 billion, a decrease of approximately 3.4% compared to the first quarter of 2019, while North American net sales increased 11.7% in the first three months of 2020.
In light of the COVID-19 virus outbreak and the lack of certainty of both the duration and magnitude of its impacts, AGCO is withdrawing its sales, earnings and other guidance. Production has been significantly reduced or suspended in several of the company’s European facilities, largely due to material shortages and constraints in the European supply chain.
Rob Smith, currently senior vice president and general manager, Europe/Middle East (EME), has indicated his intent to leave AGCO on Jan. 31, 2020. Smith will be succeeded by Torsten Dehner, currently vice president of Global Parts for AGCO.
In a May 29 interview with CNBC’s Jim Cramer, Martin Richenhagen, AGCO’s CEO,
president and chairman, said the ag equipment manufacturer’s focus is to increase margins to 8%
in 2019 and 10% in 2020 and not necessarily on what’s happening in the world right now.
AGCO’s Fendt unit — the “Jewel in the Crown,” as Chairman and CEO Martin Richenhagen once described it — is going full-line and exploring new markets to deliver further growth.
AGCO could make a move into the dairy equipment sector as managers look for new revenues and ways of capitalizing on the organization’s global sales, distribution and after-sales support resources.
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The announcement of a partnership between New Holland and Bluewhite was one of the big precision stories of the summer. West Coast New Holland dealers now have the rights to sell, distribute and service Bluewhite’s aftermarket autonomy kits.