AGCO will take 100% ownership of Laverda S.p.A from the Italian ARGO Group, which also includes Fella-Werke, a Germany-based manufacturer of grass and hay machinery. The transaction is expected to close before the end of 2010.
This acquisition builds upon the joint venture operation established with ARGO in 2007, in which AGCO acquired a 50% share in Laverda S.p.A. Laverda is based in Breganze, Italy and has been producing combines under AGCO's Challenger, Fendt and Massey Ferguson brands since 2004. It also manufactures combines under the Laverda brand.
The Breganze facility serves as AGCO's sole European combine production facility. AGCO combines for North America are manufactured in Hesston, Kan.
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