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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.
