Johannesburg, South Africa, 17 February 2021: AGCO, a global leader in the design, manufacture, and distribution of the Challenger, Fendt, Massey Ferguson and Valtra brands has joined forces with WesBank, South Africa’s leader in vehicle and asset finance, to offer a financing solution that will assist AGCO’s growing network of dealers to streamline their operations and increase their competitiveness in the market. Further to dealer stock financing, the two industry leaders have agreed to extend retail financing to the end-user, the farmer.
The WesBank financing solution is part of AGCO’s New Way Forward’ strategy initiated back in September 2020, to bring agricultural machinery and solutions closer to customers in the region. This refreshed customer-centric approach in doing business is unlocking significant value in the local distribution chain, making it possible for AGCO dealers to deliver the company’s established brands more effectively and efficiently to farmers. The WesBank retail financing solution, on the other hand, is designed to empower farmers to continue contributing to the growth of a robust agricultural industry and to better respond to the current food production demands through AGCO’s full line of agriculture equipment and services.
Managing Director of AGCO, Africa, Dr. Dominik Reus, explains, “In WesBank, AGCO has found a partner that understands the critical task of farmers to feed the world. Now farmers can benefit from AGCO‘s high-tech agricultural solutions through this affordable financing solution, and our dealers can enjoy much improved cash flow to expand their offerings, sustain day-to-day activities and acquire the inventory that farmers desire from our international factories, without any delay.”
“The agriculture sector is a vital part of the South African economy and contributes substantially to the GDP on a direct and indirect basis. This partnership with AGCO reinforces our deep understanding of the agricultural business and our ability to offer a choice of dedicated finance options, specifically tailored to the agricultural environment,” says Kalie Roets, WesBank Corporate, Head of Agriculture.
“At WesBank, we understand the difficulties agricultural businesses face, and our team, with its in-depth knowledge of the industry, is looking forward to delivering affordable asset finance solutions for AGCO and its partners in the agricultural businesses,” adds Roets.
For more information on the WesBank wholesale and retail financing solutions with AGCO, please contact Oladipo Ajayi, AGCO Finance Solutions Manager, Africa.
AGCO (NYSE: AGCO) is a global leader in the design, manufacture, and distribution of agricultural solutions and delivers high-tech solutions for farmers feeding the world through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® smart farming solutions. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $9.1 billion in 2020. For more information, visit http://www.AGCOcorp.com . For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.