AGCO Corporation announced its plan to acquire Assumption, Ill.-based GSI Holdings, Inc. The privately held GSI is known for its two divisions: grain storage (grain bins, material handling, conditioning) and protein production (feed/watering systems, climate control, confinement nesting).
Martin Richenhagen, AGCO's chairman, president and CEO, says the acquisition was appealing because GSI has great brands, global reach, and is technology leader in market served. He says the company has a strong record of growth during the past five years and is well-positioned for growth in North America as well as developing markets in Asia, Eastern Europe and South America.
AGCO has entered into the acquisition to buy the company for $940 million. GSI has 2,400 employees and more than 500 independent dealers. Estimated revenue for the company in 2011 is $700 million.
The business deal is expected to close in the fourth quarter of 2011.