AGCO, the parent company of Challenger, Fendt, MF and Valtra, saw its net sales rise by 12.6% last year to nearly $9.4 billion.
Last year was a better one for the company in North America where sales improved by more than 16% to nearly $2.2 billion when compared to 2017. Sales growth was strongest for sprayers, grass and grain storage equipment.
Industry equipment demand decreased modestly across Western Europe in 2018, is the message from AGCO top man Martin Richenhagen. However, this did not stop the company from further growing sales in its number one EME (Europe Middle East) region by nearly 17% to around $5.4 billion (2017:$4.6 billion). Much of the growth was achieved in the key markets of the Germany, France and the UK.
Looking ahead, the company expects farm economics to improve modestly across Western Europe this year, driven primarily by favourable wheat prices and more normal crop production.
Global industry demand is projected to improve modestly this year and AGCO forecasts 2019 net sales of around $9.6 billion.
