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AGCO Puts Challenger in the Spotlight
Oct 29, 2013
In the company’s third quarter investor call this morning, AGCO officials cited the Challenger brand as the leading contributor to an increase in sales for North America.
They said sales were strongest in the row crop segment, with the most significant increases in high horsepower tractors, sprayers and implements.
And Challenger sales are up 7% year-to-date compared with 2012.
"That is the main source of improvement that we’re seeing in North America is through the Challenger branded products and the Challenger dealers," said Andy Beck, AGCO’s Chief Financial Officer, Chief Accounting Officer and Senior Vice President.
He continued and gave credit to the distribution network
"As you know, a lot of those Challenger dealers are Caterpillar dealers, and we're seeing significant investments by those dealers to further position themselves in the ag sector and things are going quite well in that regard," Beck said.
And then Martin Richenhagen, AGCO’s Chief Executive Officer and President named perhaps the three top CAT dealers leading the charge, "There you can see very strong companies, like Butler, Altorfer and Ziegler, investing more in our business, and that helped us basically take hold of the Challenger business in the U.S."
Overall in North America, net sales grew 8.9% in AGCO’s North American region during the first nine months of 2013 compared to 2012, excluding the negative impact of currency translation.