Livermore, Calif. – March 16, 2009 – Topcon Positioning Systems (TPS) today announced its remote asset management solution, Topcon Tierra™, has been selected by AGCO Corporation, Your Agriculture Company, (NYSE: AG), a worldwide manufacturer and distributor of agricultural equipment, as its sole global advanced telematics provider. AGCO will market the technology under the AGCONNECT™ brand name.
The multi-year agreement covers all AGCO equipment lines and is an expansion of a strategic partnership between AGCO and TPS which provides high-performing machine control, machine management and precision farming technology products and services to the global agricultural machinery market.
Tierra is the web portal through which all AGCONNECT™ information will flow in a timely, easy-to-learn, easier-to-understand and reliable format. TPS formed its Telematics Business Unit in 2008 and unveiled Topcon Tierra, the most comprehensive mobile asset management system in the marketplace.
Martin Richenhagen, Chairman, President and Chief Executive Officer of AGCO said, “AGCO is dedicated to integrating user-friendly advanced technology into our products to help our customers maximize the productivity of their equipment and become more efficient, more environmentally responsible and, ultimately, more profitable.”
“The expansion of the relationship between AGCO and TPS will greatly benefit both companies, their customers and potential customers," said Ray O’Connor, TPS President and CEO. "Using products resulting from the AGCO and TPS partnership, farmers will have access to the leading technology."
About Topcon Positioning Systems
Topcon Positioning Systems, a developer and manufacturer of positioning equipment, offers the world’s leading selection of innovative precision Global Positioning System (GPS) Geographic Information System (GIS) laser, agriculture, optical surveying, and machine control products, software and applications. Topcon Corporation is traded on the Tokyo Stock Exchange (7732).
AGCO, Your Agriculture Company, (NYSE: AG) was founded in 1990 and offers a full product line of tractors, combines, hay tools, sprayers, forage, tillage equipment, implements, and related replacement parts. AGCO agricultural products are sold under the core brands of Challenger®, Fendt®, Massey Ferguson® and Valtra®, and are distributed globally through more than 2,800 independent dealers and distributors, in more than 140 countries worldwide. AGCO provides retail financing through AGCO Finance. AGCO is headquartered in Duluth, Georgia, USA. In 2008, AGCO had net sales of $8.4 billion. Please visit our website at www.AGCOcorp.com.
Safe Harbor Statement
Statements which are not historical facts, including expectations regarding market positioning, and sales growth are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. These risks include possible declines in demand for products as a result of weather, demand and other conditions that impact farm income, actions by producers of competitive products, and the general risks attendant to coordination of efforts among two businesses. Further information concerning these and other risks and uncertainties is included in AGCO’s filings with the Securities and Exchange Commission, including AGCO’s Form 10-K for the year ended December 31, 2008. AGCO disclaims any obligation to update any forward-looking statements.