AGCO will buy the equipment business of Precision Planting LLC from The Climate Corporation, a subsidiary of Monsanto, according to a press release issued today.
“As a leading global equipment manufacturer, AGCO is uniquely positioned to enable broader distribution of Precision Planting technology and will continue the development of innovative products that improve the efficiency and productivity for farmers around the world,” said Mike Stern, chief executive officer for The Climate Corporation.
Martin Richenhagen, AGCO’s chairman, president and CEO, said the acquisition “will solidify AGCO as one of the global leaders in planting technology and strengthen our position as a full line partner for professional farmers across the globe.”
In May, Monsanto abruptly backed out of an earlier agreement with John Deere to acquire Precision Planting. Antitrust questions had been raised about the proposed buyout.
The Climate Corporation’s Climate FieldView digital agriculture platform will retain connectivity with Precision Planting’s 20/20 SeedSense monitor.
The terms of the agreement were not disclosed. The transaction is subject to regulatory approvals.