Hay equipment specialist Krone chalked up another set of record results in its financial year to the end of July 2018, with ag equipment revenues up more than 10% at €642.3 million ($730.4 million). Add in Krone’s larger commercial trailers business and the group breached €2 billion ($2.28 billion) turnover for the first time.
Senior executives at Titan International worked during the Christmas and New Year holiday period to secure approvals for issuing stock to a co-shareholder in its Russian tire manufacturing operation to meet a settlement put option.
Fluctuations in foreign exchange rates had a negative impact of €20.5 million ($23.5 million) on Exel Industries reported revenues in its fiscal year to September 2018.
A partnership agreement between India’s International Tractors Ltd. (ITL) and Argo Tractors will result in the Italian manufacturer of Landini and McCormick equipment sourcing “utility” models from ITL for selected markets.
Celebrating the milestone of producing 100,000 tractors in the past year, John Deere India Pvt. Ltd. said it’s looking to increase its market share in the country that already has some of the largest volume tractor makers in the world, which include Mahindra, TAFE and others.
Escalating trade tensions between the U.S. and China is providing South American producers with opportunities to grow their market share in soybeans and other grains. This could lay the groundwork for increased farm equipment sales starting in 2019. In its most recent outlook, John Deere said it expects an improvement of up to 5% in South American machine sales in the year ahead.
Italy, the largest ag equipment producing country after the U.S. and Germany, will likely see an 11.9% decline in tractor exports by the end of 2018. This is according to FederUnacoma, the Italian Agricultural Machinery Manufacturers Federation, which also reports that national production is dropping in the country as a result. Even so, other equipment segments are performing strongly which should lead to a production value in line with 2017 levels.
Sales of all farm machinery reported by Argentina’s National Institute of Statistics and Census (Indec) registered a decline of 8.7% during the third quarter of 2018 compared to the same period of 2017. Overall revenue reached nearly AR$7.5 billion ($199.1 million at current exchange rates). The unit sales drop was more significant for harvesters (102 units), which declined 65.1%, while tractor sales (1,335 units) dropped 53.9%. Agricultural implements (1,388 units) decreased 35.4% and seeder sales (596 units) fell 19.2%.
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The announcement of a partnership between New Holland and Bluewhite was one of the big precision stories of the summer. West Coast New Holland dealers now have the rights to sell, distribute and service Bluewhite’s aftermarket autonomy kits.