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AGCO to Acquire Precision Planting From The Climate Corporation
AGCO, a worldwide manufacturer and distributor of agricultural equipment, will buy equipment business Precision Planting LLC, according to a company press release Wednesday.
The Climate Corporation, the current owner of Precision Planting, is a subsidiary of Monsanto Company. (Learn more about the acquisition in: Putting Precision Planting in the Hands of AGCO.)
“Precision Planting is a strong business that plays an essential role in the growth and adoption of innovative precision ag practices that help farmers enhance their productivity,” says Mike Stern, chief executive officer for The Climate Corporation. “As a leading global equipment manufacturer, AGCO is uniquely positioned to enable broader distribution of Precision Planting technology and will continue the development of innovative products that improve the efficiency and productivity for farmers around the world.”
“The acquisition of Precision Planting will solidify AGCO as one of the global leaders in planting technology and strengthen our position as a full line partner for professional farmers across the globe,” says Martin Richenhagen, AGCO’s chairman, president, and chief executive officer.
The Climate Corporation’s Climate FieldViewTM digital agriculture platform will retain connectivity with Precision Planting’s 20/20 SeedSense monitor.
The terms of the agreement were not disclosed. The transaction is subject to regulatory approvals.