03/11/2010
Tractors: core business of Argo Industrial Group
ARGO spa will become one of AGCO’s shareholders as a result of the recent agreement between ARGO spa and the American group. Under the Agreement, Argo Industrial Group's 50% share in Laverda spa will be transferred to AGCO subject to the approval of competitionauthorities. “The two Companies have managed Laverda together in the past years and will explore together future strategic opportunities for cooperation” says Valerio Morra, Chairman of Argo Industrial Group, who will stay on the Laverda Board of Directors.
The long-term industrial and business relations between Argo Spa and AGCO encouraged the two companies to enter in a 50% joint venture in Laverda in 2007. The results achieved during the past years have been more than satisfactory under the financial and industrial scope and this success has allowed the two groups to develop one further step in their long lasting partnership.
The agreement is a founding pillar for Argo’s future strategy to stay focused on the agricultural tractor business, allowing the Group to strengthen its investments in both product development and manufacturing efficiency in order make sure all stakeholders can benefit from future opportunities Argo recognizes are laying within the agricultural tractor industry. The same industry Argo has served over the past several years and will continue to serve with its 3 tractor brands: Landini, McCormick and Valpadana.
For more details:
Ruggero Cavatorta
Marketing & Communications Manager
Argo Tractors S.p.A. – Via G. Matteotti, 7 – 42042
e-mail: ruggero.cavatorta@argotractors.com