AGCO Corporation, a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, announced it has entered into a definitive agreement to sell the majority of its Grain & Protein business to American Industrial Partners ("AIP") in an all-cash transaction valued at $700 million, subject to working capital and other customary closing adjustments.

AGCO reported net sales of $2.9 billion for the first quarter ended March 31, 2024, a decrease of 12.1% compared to the first quarter of 2023.