ARGO SpA will devote its resources entirely to the development and production of Landini, McCormick and Valpadana tractors in future as a result of an agreement to transfer ownership of ARGO’s 50% share of harvest machine manufacturer Laverda SpA to AGCO Corporation.
ARGO Group will focus in future on its leading tractor brands, including the Landini and McCormick ranges distributed in Britain by AgriArgo UK based at Harworth near Doncaster.
As part of the agreement, which is subject to the approval of competition authorities, ARGO SpA will become a shareholder of the American group and ARGO President, Valerio Morra, will remain on the board of directors of Laverda SpA.
“The two companies have managed Laverda together in the past years and will explore future strategic opportunities for co-operation,” says Valerio Morra.
The long-term industrial and business relationship between Argo SpA and AGCO encouraged the two companies to enter a 50% joint venture in Laverda in 2007. The financial and industrial results achieved during the past years have been more than satisfactory and this success has allowed the two groups to take this 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 with its three leading brands Landini, McCormick and Valpadana.
It will allow the group to strengthen its investments in both product development and manufacturing efficiency to ensure that all stakeholders can benefit from the future opportunities that ARGO recognises within the agricultural tractor industry.
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