Farmers are tightening their belts and are reducing new machinery purchases, prompting AGCO to adjust production and dealer inventories.
Its sales in North America were down by 17.9 per cent for its second fiscal quarter and by 15 per cent for the first half of the year.
It fared better on world-wide totals which were down by only one per cent in the second quarter.
“While near-term market conditions are difficult, we are confident in the strategic actions we have taken to strengthen AGCO's competitive position and are committed to executing our Farmer-First strategy, expanding technology adoption and creating long-term value for our shareholders,” said Eric Hansotia, AGCO's chairman, president and chief executive officer.
