AGCO, Your Agriculture Company, a worldwide manufacturer and distributor of agricultural equipment, announced that it has entered into a joint venture agreement for the manufacture of protein production equipment with CP Foods (CPF). Headquartered in Bangkok, Thailand, CPF is a leading producer of swine, chicken and eggs in Asia.
AGCO and CP Foods will each own 50% of a manufacturing joint venture that will produce protein production solutions for AGCO’s GSI division and CPF companies. Manufacturing is expected to begin in early 2019 in a plant to be constructed in CiXi City in China's ZheJiang province.
“Our new manufacturing joint venture with CP Foods will greatly expand GSI’s Asian production capabilities and allow us to provide technologically advanced solutions for CPF and other producers in China. The joint venture will support CP Foods’ planned expansion in Asia while enabling AGCO to better serve other animal protein producers in the region,” said Martin Richenhagen, AGCO chairman, president and chief executive officer.
AGCO is a global leader in the design, manufacture and distribution of agricultural solutions and supports more productive farming through its full line of equipment and related services. AGCO products are sold through five core brands -- Challenger, Fendt, GSI, Massey Ferguson and Valtra, supported by Fuse precision technologies and farm optimization services -- and are distributed globally through a combination of more than 3,000 independent dealers and distributors in more than 150 countries. Founded in 1990, AGCO is headquartered in Duluth, Ga. In 2016, AGCO had net sales of $7.4 billion.