AGCO, a worldwide manufacturer and distributor of agricultural equipment, today announced that its Board of Directors has authorized a share repurchase program of up to $500 million. This program is in addition to the approximately $31 million of remaining repurchase authority under AGCO’s current repurchase program. Share repurchases may be made by the company from time to time in open market transactions at prevailing market prices or in privately negotiated transactions.
"The implementation of this new share repurchase program reflects AGCO's confidence in the long-term strength and strategy of the company, as well as our commitment to increasing shareholder value," said Martin Richenhagen, chairman, president and CEO. "Though we remain focused on continuing to invest in our business to capitalize on our growth opportunities, AGCO's financial performance and healthy cash flow generation allows us to be confident and opportunistic in repurchasing shares."
The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion, and will depend on a number of factors, including the trading price of the stock, and general market and business conditions and applicable legal requirements. This program does not oblige AGCO to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.