AGCO Completes Acquisition Of GSI Holdings
AGCO has extended its agricultural reach into grain storage and protein production systems with its purchase of GSI Holdings.
December 5, 2011
AGCO has completed the acquisition of GSI Holdings Corp. (GSI) from affiliates of New York-based Centerbridge Partners, L.P. for $928 million, net of cash acquired and subject to customary closing adjustments. This action follows recent regulatory clearance of the transaction. GSI is a global manufacturer of grain storage and protein production systems. Headquartered in Assumption, IL, GSI sells its products globally through more than 500 independent dealers.
"AGCO and GSI share a similar culture and commitment to superior agricultural products and service, and together, we will give our customers even greater access to technology to help them be more productive and profitable," stated Martin Richenhagen, AGCO's Chairman, President and Chief Executive Officer. "With its high quality products and services, recognized brands and global capabilities, GSI gives AGCO strong positions in the grain storage and protein production segments and is well-positioned to benefit from increases in global grain and food demand."
"The integration of GSI into AGCO is a very positive step for our company's future development and its employees, customers and dealers," said Scott Clawson, President and Chief Executive Officer of GSI. "AGCO provides excellent prospects for GSI, given its global presence, which will open up new distribution and growth opportunities. At the same time, GSI's industry-leading products and expertise in grain storage and protein production systems will also represent a major enrichment to AGCO's plans for market expansion. "We are excited about continuing our success as part of the AGCO family."