AGCO Begins Production In Africa
AGCO has begun production of agricultural equipment at its joint venture facility in Africa. The first Massey Ferguson tractors are being produced Constantine, Algeria, at Algerian Tractors Co., a joint venture between AGCO and L’Entreprise Publique Economique de Production de Tracteurs Agricoles and L’Entreprise Publique Economique de Commercialisation de Matériels Agricoles. AGCO owns 49% of the operation, which was formed earlier this year.
"This is a significant step in our long term growth strategy for the African continent," stated Martin Richenhagen, AGCO’s chairman, president and chief executive officer. "AGCO is committed to grow its presence within Africa by investing in local manufacturing, distribution infrastructure and new training sites. We have committed to invest $100 million in Africa over the coming years."
The tractors being built at Constantine are destined for sale into the domestic Algerian market.