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AEI Newsmakers: January 2024

January 15, 2024 | Posted in Analysis & Commentary
  • Tire manufacturer Bridgestone announced Dec. 20 it had sold its Russian business to Russian holding company S8 Capital, which includes a tire manufacturing plant, a sales and marketing office and about 1,000 employees.
  • Engine manufacturer Cummins agreed to a record-setting $1.7 billion fine in the settlement of a lawsuit by the U.S. Justice Department and California, according to a Jan. 10 report from Reuters.
  • As part of its efforts to electrify critical off-highway machinery, Bosch Rexroth announced Jan. 9 a partnership with thermal management manufacturer Modine.
  • Kinze has purchased a 443-acre agricultural land tract south of the Phoenix, Ariz., metro area, according to a Jan. 4 report from BNN.
  • During this year’s Consumer Electronics Show, Doosan Bobcat revealed an autonomous and electric articulating tractor — the Bobcat AT450X enabled by Agtonomy.
  • Ag equipment distributor AgLine Distributing & Equipment officially began operations at a Mississippi Band of Choctaw Indians facility in Carthage, Miss., earlier this month, according to a Dec. 27 report from The Nebosha Democrat.
  • Implement manufacturer Lemken has brought South African no-till drill manufacturer Equalizer — which it acquired in January 2023 — to Canada for field testing, according to a Jan. 14 report from Grainews.
  • In its Jan. 12 WASDE report, USDA’s 2023-24 U.S. ending stocks are estimated at 2.162 billion bushels of corn (vs. consensus 2.094 billion bushels) and 280 million bushels of soybeans (vs. consensus 242 million bushels).
  • VDMA reported German tractor registrations down 1% year-over-year in December (flattish in 2023). Registrations in the 100+ horsepower category were up 4% year-over-year (up 5% in 2023).
  • Tractor Zoom, a provider of farm equipment and heavy machinery valuation data, announced Dec. 20 the acquisition of Anvil App Works, a salesforce OEM partner with CRM solutions built for equipment dealerships.
  • Oxbo announced Dec. 21 it will acquire Westside Equipment Co. in Madera, Calif, a manufacturer of tomato and pistachio harvesting equipment. 

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AEI Newsmakers: December 2023

November 15, 2023 | Posted in Analysis & Commentary
  • the U.S. replaced mainland China as the top buyer of Taiwanese agricultural products for the first time last year.
  • Jost, a producer and supplier of safety-critical systems for the commercial vehicle industry, has announced the construction of a second production plant near the southern Indian city of Chennai.
  • Amazone and FieldView, Bayer’s platform for digital agriculture, announced Nov. 22 they are starting a strategic collaboration with the aim of further promoting and simplifying the adaptation of smart farming practices.
  • In its Dec. 8 WASDE report, USDA 2023-24 U.S. corn outlook is for higher exports and lower ending stocks. Exports are raised 25 million bushels to 2.1 billion reflecting the pace of sales and shipments to date.
  • VDMA reported German tractor registrations down 4% year-over-year in November (flattish year-to-date).
  • Ag tire and wheel manufacturer Trelleborg announced Dec. 4 that its first facility in Vietnam had begun production.
  • Canadian ag equipment manufacturer S3 Group Ltd. announced Nov. 8 its acquisition of Power Pin Inc.
  • Guardian Agriculture, a developer of electric Vertical Take-Off and Landing (eVTOL) systems for commercial-scale farming, announced Dec. 4 that it has become the first eVTOL manufacturer to begin commercial operations.

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AEI Newsmakers: November 2023

November 15, 2023 | Posted in Analysis & Commentary
  • According to EquipmentWatch’s 2022 Highest Retained Value Awards, John Deere had the highest 5-year residual value in tracked tractors at 67.3% among manufacturers, above the 57.9% category average.
  • Northeast China could soon become a hotbed for international industrial investment, according to an Oct. 23 report from New China News Agency.
  • Yanmar Turkey announced Oct. 12 the inauguration of its Tractor Production Plant in Izmir, Turkey.
  • The Nigerian government said John Deere intends to open a tractor assembly plant in the country, according to an Oct. 31 report from Nairametrics.
  • In a Nov. 4 report from The Wall Street Journal on retrofit kits for autonomy, AGCO stated 7% of farmers globally replace their equipment every year, leaving 93% using older models as potential customers for upgrades.
  • According to CEMA, an industry trade association, the general business climate index for the European ag equipment industry has again fallen month-over-month.
  • Manitou Group has announced an agreement to acquire 75% of COME S.R.L, a company specializing in the production of mechanically welded parts, and 75% of Metal Work S.R.L, a company specializing in laser cutting. 

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Manitou Reports 1Q20 Revenues Down 25%

April 28, 2020 | Posted in Earnings Reports
Manitou, manufacturer of equipment for agriculture, construction and other industries reported its first quarter revenues in 2020 down 25% to €421 million ($455 million) from €562 million ($608 million) in the first quarter of 2019.
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AGCO Aims for $2 Billion in Precision Ag Business by 2029

AGCO Aims for $2 Billion in Precision Ag Business by 2029

In this episode of On the Record, brought to you by Associated Equipment Distributors, we look at AGCO’s plans for its precision business and its 2029 targets. In the Technology Corner, Noah Newman talks with Eis Implement’s precision team. Also in this episode, the interest savings dealers could see with the latest rate cut by the Fed and a look at the used 100+ horsepower tractor market. 

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