Just after the Russian grain embargo in 1980, the prime lending rate soared from an average of 6.8% in 1976 to an all-time high of 21.5% in 1981 and farm debt for land and equipment purchases soared. This table, compiled by White Farm Equipment, in a 1983 competitive analysis, showed what was happening with farm equipment manufacturers from 1981 to 1982. Massey Ferguson and Allis-Chalmers (now part of AGCO) and International Harvester (merged with Case to form Case International) all reported losses in excess of $200 million in 1982.
Check out other "A Look Back in Farm Equipment History" blogs
Industry commentary on “55 Years of Farm Equipment”
- The ‘5 Greatest Tech Advancements’ in My Career as a Dealer | Leo Johnson, Johnson Tractor
- The Impact of Consolidation & Technology on Agriculture Over Half a Century | Sam Christianson, Titan Machinery
- A Service Manager’s View on the Changing Times | Brent Bazin, Young's Equipment Inc.
- Reflections on Farm Equipment | George Russell, Machinery Advisors Consortium
- Farm Equipment Sales in the 1970s | Charlie Glass, FEMA Dealer Relations Commitee
- Digital Communications Changed the Course of OEMs Working With Dealers | Tom Taylor, retired farm equipment executive
- RDO Equipment’s Take on the Last 55 Years | Daryl Shelton, RDO Equipment
- Reflections from a North American, International & Company-Store Dealer Exec | Stacy Anthony, AgRevolution LLC
- A Lot of Change in Shortline Equipment | Hans Rasmussen, Summers Manufacturing
- Business Acumen, Technology Forever Changed Equipment Sales & Service | Brian R. Carpenter, Champlain Valley Equipment
- Not Your Grandfather’s Farm Equipment Dealership… | Josh Waggener, Hutson Inc
- Left Major OEM Career 55 Years Ago to Become Dealer-Principal | Paul Wallem, Retired International Harvester executive
- Titan Machinery Reflects on Significant Changes to Dealership Environment in 55 Years | David J. Meyer, Titan Machinery
- From 3 Stores Within 50 Miles to 25 Stores Across 8 States | Tom Rosztoczy, Stotz Equipment
- 45 Years of Observations on Ag Equipment Manufacturing & Distribution | Chuck Bellew, retired farm equipment executive
- Today’s Staff Has No Fear Approach to Risk, But It Still Exists | Jeff Morgan, H&R Agri-Power
- A Recent Retiree’s Perspective on Equipment Industry | Lars Paulsson, Laforge Systems
- 60 Years of Equipment Dealer Associations Consolidation Continues | Kim Rominger, NAEDA
- Vast Technology Changes Assisted Dealers’ Computerization | Ed Archambo, Basic Software Systems
- ‘I Didn’t Listen to My Uncle Roy’ | Jon Eis, Eis Implement Co.
- Farm Equipment Manufacturers and the Early 1980s Farm Crisis
- GMO, Autosteer Forever Changed Our Business | Tom Janson, Janson Equipment
- My 35 Years at RME, from Microfiche to Guidance | Jim Wood, Rocky Mountain Equipment
- Export Opportunities Changed Game for Canadian Shortline Manufacturer | Hal Carnago, Schulte Industries Ltd.
- 40 Years with Sunco, Hiniker, Ingersoll, Southern Marketing & Forges de Niaux | Larry Hansen, Forges de Niaux
- From Dreaming Farm Boy to Equipment Dealer | Tim Brannon, B&G Equipment
- Inaugural Cover Story Dealer, 20 Years Later | Ted Mallard, American Equipment Service Inc.
- Farm Equipment Tips the Hat to the Behind-the-Scenes Contribution of An Industry Exec | Patricia Collins, Equipment Manufacturers Distribution Association
