AGCO sales slump 15 per cent

 

AGCO reports its sales for its second quarter are 15 per cent less than the same quarter last year.

It lost $199 million in the quarter this year.

The company has put its Grain and Protein business up for sale and expects the deal for $450 million will close before the end of the year.

Eric Hansotia, the company president and chief executive officer, said its second half results were influenced by low commodity prices and depressed demand for new equipment, as well as significant workforce cutbacks.

He also sais that “going forward, (AGCO) will be better positioned for long-term growth.”