As the world of agriculture changes, so do we. We are a global leader in the design, manufacture and distribution of agricultural solutions. Reliance Works was a leading manufacturer of sawmills, flour milling equipment, and castings. In February 1999, meantime, Shumejda was named president and CEO; Ratliff continued to serve as chairman.As the downturn in the agricultural equipment market continued, AGCO cut its workforce by a further 5 percent in 2000 and closed its factory in Independence, Missouri. Ratliff reassumed the CEO spot following Richard's departure.The 1990s ended on a down note for AGCO, as economic difficulties in Asia and Russia, which reduced the grain exports of U.S. farmers, coupled with three straight years of record crops, drastically reduced crop prices--to 20-year lows--and in turn sharply depressed demand for farm equipment. AGCO Corporation is a global manufacturer and distributor of agricultural equipment and related replacement parts. Our brands are powerful. By the turn of the 20th century, the Edward P. Allis Company was the largest supplier of steam engines in the world. © Copyright 2020 AGCO Corporation. AGCO is a publicly held corporation focused on the global distribution of farm equipment through independent dealers and distributors to farmers engaged in agricultural production to meet the demand to feed an ever expanding population and provide crops for new industrial applications.The Company should be recognized throughout the world for the superior reliability of its products as measured by its market share leadership and the full service capability of its dealers in every market.AGCO Corporation is the world's third largest manufacturer and distributor of tractors and other farm equipment (behind Deere & Company and CNH Global N.V.). The company remained intact, and even enjoyed a period of strong growth during much of the 1880s. There are 252 companies in the AGCO Corporation corporate family. Within hours of the crash, Ratliff reassumed the position of president and CEO.
AGCO also continued to cut costs, particularly in its foreign operations, and to enhance its distribution network.In 1995 AGCO bought the AgEquipment Group, manufacturer and marketer of agricultural implements and tillage equipment under the Glencoe, Tye, and Farmhand brands. At the time, the division was producing about $260 million in annual sales. This move stunned longtime Allis-Chalmers employees, many of whom were laid off. He realized that AGCO would be fighting an uphill battle if it was going to try to compete with manufacturing giants such as John Deere and J.I. Founded by a group of Mennonite farmers, the company prospered for a short time before giant round-balers were introduced to the industry. The company enjoyed strong profits until the financial panic of 1873, during which Allis went bankrupt. AGCO Corporation manufactures and distributes agricultural equipment. AGCO was established in 1990 when executives at Deutz-Allis bought out Deutz-Allis North American operations from the parent corporation KHD (Klöckner-Humboldt-Deutz), a German company that owned the Deutz-Fahr brand of agriculture equipment. For 1999, the company suffered a net loss of $11.5 million on sales of just $2.41 billion. A few months after the Hesston purchase, AGCO bought the White Tractor division of Allied Products. More importantly, AGCO's net income bounded to a healthy $34 million in 1993 (including a $14 million charge related to the Massey Ferguson buyout).In 1994 AGCO transformed itself from a midsized North American farm equipment company to an international industry leader when it paid the equivalent of about $330 million for the international operations of Massey Ferguson. Later that year, AGCO acquired White-New Idea for $53 million. After college, Allis and a friend, William Allen, moved to Milwaukee, Wisconsin, where they opened the Empire Leather Store. Throughout his career, Hinkley accrued 35 patents on a wide range of sawmill machinery and accessories.
That move, devised by Allis-Chalmers's clever tractor division manager, Harry Merritt, proved to be a savvy publicity gimmick. Ratliff went on to complete one more deal that year, the $48 million purchase of Sunflower Manufacturing Co., Inc., finalized in November. That November, Jean-Paul Richard was named AGCO president and CEO, with Ratliff remaining chairman.