AGCO acquires Precision Planting from Climate Corporation

AGCO, Your Agriculture Company (NYSE: AGCO), a global manufacturer and distributor of agricultural equipment, and The Climate Corporation, a subsidiary of Monsanto Company (NYSE: MON), announced this Wednesday (26/07) that a definitive agreement has been reached. signed between the two companies providing for the acquisition of the Precision Planting LLC equipment business by AGCO.

“Precision Planting is a solid business that plays an essential role in the growth and adoption of innovative precision agriculture practices that help farmers increase their productivity,” said Mike Stern, CEO of The Climate Corporation. "As one of the world's leading equipment manufacturers, AGCO is strategically positioned to enable broader distribution of Precision Planting technology and will continue to develop innovative products that improve the efficiency and productivity of farmers around the world."

"The acquisition of Precision Planting further cements AGCO as one of the world's leaders in planting technology and strengthens our position as a full-line partner for professional growers around the world," said Martin Richenhagen, President, CEO and Chairman of the Board of AGCO.

Climate Corporation's Climate FieldViewTM digital agriculture platform will maintain connectivity with Precision Planting's SeedSense 20/20 display.

Terms of the agreement were not disclosed. The transaction is subject to regulatory approvals.