AGCO Launches PTx

New leading brand combines precision technologies of Precision Planting and PTx Trimble

DULUTH, Ga.April 8, 2024 /PRNewswire/ — AGCO Corporation (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, today announced the launch of PTx, a new brand representing its precision ag portfolio. PTx combines precision ag technologies from the cornerstones of AGCO’s tech stack: Precision Planting and its newest joint venture (JV), PTx Trimble.

The strategic alignment of these brands will facilitate the rapid growth of AGCO’s technology transformation and will support the future development and distribution of next-generation ag technologies for farmers and original equipment manufacturers (OEMs).

PTx will serve farmers around the world through three go-to-market approaches. Specialized precision ag dealers will help farmers retrofit almost any make or vintage of equipment they already own with the latest technologies. PTx will also expand its relationships with more than 100 OEM partners that can integrate products from the PTx portfolio directly at the factory. Similarly, new machines from AGCO’s leading brands – Fendt, Massey Ferguson and Valtra – will also offer factory-fit technology from the PTx portfolio.

Seth Crawford, Senior Vice President and General Manager PTx, will lead the new organization as an industry-leading, mixed-fleet precision ag platform serving farmers globally.

“We believe technology should give farmers the flexibility to work their way across brands and throughout the crop cycle,” said Crawford. “Through the PTx portfolio offerings within Precision Planting and PTx Trimble, we’ll provide seamlessly compatible, powerfully simple precision ag solutions. We know farming is easier when platforms speak to each other – and when those systems are designed and supported by experts who understand farmers. That’s what PTx is promising our customers around the world.”

The name PTx is rooted in AGCO’s heritage: precision agriculture (P) and advanced technologies (T) that multiply (x) the impact it creates for farmers through seamless, intelligent and farmer-centric technologies.

The symbol represents the precise rows and fields in agriculture and tells a story of global connection. To present a unified offering to the market, Precision Planting’s visual identity is evolving as part of the new PTx brand portfolio while retaining the brand’s well-known corn plant as a nod to its rich heritage. The PTx Trimble visual identity mirrors that of the PTx leading brand.

AGCO completed the JV transaction with Trimble on April 1, 2024, to form PTx Trimble. Andrew Sunderman has been named General Manager of PTx Trimble. Sunderman’s 12 years of experience in various global AGCO roles, including most recently leading the JV integration team, position him well to run this business.

“Farmers rely on precision ag technologies to increase yields, decrease waste and maximize their resources,” said Sunderman. “The launch of PTx and the start of the PTx Trimble JV enable us to better serve farmers, offering them retrofit and factory-fit solutions to achieve their financial and operational goals.”

Keith Crow will continue to lead Precision Planting as General Manager.

PTx joins AGCO’s leading global brand portfolio including Fendt, Massey Ferguson, GSI and Valtra. To learn more about PTx, visit www.ptxag.com.

About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers value to farmers and OEM customers through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO’s full line of equipment, smart farming solutions and services helps farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $14.4 billion in 2023. For more information, visit www.AGCOcorp.com. For company news, information, and events, please follow us on X: @AGCOCorp. For financial news on X, please follow the hashtag #AGCOIR.

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SOURCE: AGCO Corporation

Press Contact: Aryn Drawdy, Corporate Communications Director, aryn.drawdy@agcocorp.com

AGCO and Trimble Close Joint Venture, Form PTx Trimble

Leading ag tech deal creates an industry-leading, mixed-fleet precision ag platform serving farmers globally

DULUTH, Ga. and WESTMINSTER, Colo.April 1, 2024 /PRNewswire/ — AGCO Corporation (NYSE: AGCO) and Trimble (Nasdaq: TRMB) today announced the closing of their joint venture (JV) transaction. The JV, known as PTx Trimble, combines Trimble’s precision agriculture business and AGCO’s JCA Technologies to form a new company that will better serve farmers with factory fit and retrofit applications in the mixed-fleet precision agriculture market.

AGCO has acquired an 85% stake in PTx Trimble, and Trimble will hold a 15% stake. Going forward, the PTx Trimble JV will be consolidated into AGCO’s financial statements.

“Farmers worldwide need technologies that support them to be more productive and profitable while minimizing the environmental impact of their operations,” said Eric Hansotia, AGCO’s Chairman, President and Chief Executive Officer. “PTx Trimble will provide farmers greater access to next-generation precision ag tools, no matter what brands of tractors and implements they operate.”

The formation of PTx Trimble enhances AGCO’s comprehensive technology offering around guidance, autonomy, precision spraying, connected farming, data management and sustainability.

“Farmers are the real winners here,” said Rob Painter, Trimble’s President and Chief Executive Officer. “By combining our expertise and resources through this JV, we aim to accelerate the pace of innovation. With a focus on open technologies, customers will benefit from tech solutions available to farmers across a broad range of tractor and implement brands.”

AGCO’s consolidated precision ag revenue is now expected to exceed $2.0 billion by 2028, and the transaction is expected to be accretive to AGCO’s revenue growth, adjusted operating margin profile and adjusted earnings per share in the first full year post-close.

AGCO financed the transaction through a combination of $1.1 billion in recently issued senior unsecured notes, a $500 million term loan facility, other borrowings and cash on hand.

About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers customer value through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, Precision Planting® and Valtra®. Powered by Fuse® smart farming solutions, AGCO’s full line of equipment and services helps farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $14.4 billion in 2023. For more information, visit www.AGCOcorp.com. For company news, information, and events, please follow us on X: @AGCOCorp. For financial news on X, please follow the hashtag #AGCOIR.

About Trimble
Dedicated to the world’s tomorrow, Trimble is a technology company delivering solutions that enable our customers to work in new ways to measure, build, grow and move goods for a better quality of life. Core technologies in positioning, modeling, connectivity and data analytics connect the digital and physical worlds to improve productivity, quality, safety, transparency and sustainability. From purpose-built products and enterprise lifecycle solutions to industry cloud services, Trimble is transforming critical industries such as construction, geospatial, agriculture and transportation to power an interconnected world of work. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.
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Cautionary Statements Regarding Forward-Looking Information
Forward-looking statements in this release, including statements about the transaction and our strategic plans as well as growth in revenue and accretion of the transaction to growth, adjusted margin and adjusted earnings are subject to risks that could cause actual results to differ materially from those suggested by the statement. These risks include, but are not limited to, adverse developments in the agricultural industry, supply chain disruption, inflation, weather, commodity prices, changes in product demand, interruptions in supply of parts and products, difficulties in integrating PTx Trimble in a manner that produces the expected financial results, reactions by customers and competitors to the transaction, including the rate at which the Trimble precision agriculture business’s largest OEM customer reduces purchases of Trimble precision agriculture equipment and the rate of replacement by the JV of those sales, and adverse changes in the financial and foreign exchange markets, including increases in interest rates. Actual results could differ materially from those suggested in these statements. Further information concerning these and other risks is included in AGCO’s filings with the SEC, including its Form 10-K for the year ended December 31, 2023. AGCO disclaims any obligation to update any forward-looking statements except as required by law.

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SOURCE AGCO Corporation

Press Contacts: Aryn Drawdy, Corporate Communications Director, aryn.drawdy@agcocorp.com; Eric Harris, Strategic Communications Director, eric_harris@trimble.com; IR Contacts: Greg Peterson, VP, Investor Relations Officer, greg.peterson@agcocorp.com; Michael Leyba, Senior Director, Investor Relations, michael_leyba@trimble.com