AGCO Corp. (NYSE: AGCO), announced that Martin Richenhagen, chairman, president and CEO of AGCO, has been reappointed to the President’s Advisory Council on Doing Business in Africa (PAC-DBIA). U.S. Dept. of Commerce Secretary Penny Pritzker announced earlier the 23 business executives appointed to the Council. All appointed members have been invited to participate in the U.S.-Africa Business Forum held in New York on September 21.
Secretary Penny Pritzker: “I am pleased to reappoint Mr. Richenhagen to the President’s Advisory Council on Doing Business in Africa. His experience and counsel help us to strengthen commercial engagement between the United States and Africa.”
This is the second time that Richenhagen has been selected to serve on the Council for a 2 year term. “I’m very proud to support the President’s Advisory Council on Doing Business in Africa,” said Richenhagen. “AGCO has been doing business in Africa for many decades. We focus on mechanization, grain storage, protein production and financing solutions. In addition, we are also providing local farmers with education and training in core agricultural practices. Africa will play a significant role in the future of global food security and therefore it is vital to move African agriculture forward. We have taken on the challenge to transform African agriculture into a highly productive, efficient, competitive and sustainable system.”
In Africa, AGCO has invested in manufacturing capabilities in Algeria and in improving distribution and parts support in South Africa. In Zambia, AGCO has launched its first Future Farm to train local farmers and dealers in modern farm practices. AGCO also hosts the annual AGCO Africa Summit to promote international investments in African agriculture.
Richenhagen joined AGCO 12 years ago as president and CEO, and in August 2006 he was appointed to chairman of the Board. Richenhagen’s career has spanned a wide range of executive and managing directorships positions. In addition to currently serving as the chairman of the German American Chambers of Commerce of the U.S. (GACCs), he is also a member of the U.S. Chamber of Commerce Board of Directors. He has served as chairman of the Board of the Assn. of Equipment Manufacturers (AEM) and is a Life Honorary Director of AEM.