AGCO Gets Sunflower Manufacturing
Oct. 23, 2002
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BELOIT, Kan. (AP) _ AGCO Corp., an agricultural equipment manufacturer, said Wednesday it has acquired the assets of Sunflower Manufacturing Co.
Beloit-based Sunflower produces tillage, seeding and specialty harvesting equipment. It is a subsidiary of SPX Corp., a manufacturing conglomerate based in Charlotte, N.C.
Terms of the cash deal were not disclosed.
AGCO plans to operate Sunflower as an independent business and retain its current management and employees, said Robert J. Ratliff, chairman, president and chief executive of AGCO, which is based in Duluth, Ga.
The deal is expected to be completed soon after company officials receive regulatory approval.
AGCO shares rose 23 cents to $25.38 Wednesday on the New York Stock Exchange, while SPX shares fell $4.58 to close at $87.50.
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