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AGCO Comments on Letter From TAFE

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DULUTH, Ga., Sept. 30, 2024 /PRNewswire/ — AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, today issued the following statement in response to the letter issued by Tractors and Farm Equipment Limited (“TAFE”):

TAFE’s interests are fundamentally misaligned with AGCO shareholders, and its letter today is just the latest tactic in its ongoing, self-serving campaign. In fact, TAFE’s letter was issued shortly after (i) AGCO prevailed at the Indian Supreme Court against TAFE’s efforts to avoid arbitrating one of its commercial disputes, and (ii) AGCO’s immediate termination of TAFE’s right to use the Massey Ferguson trademark and distribute Massey Ferguson products in India and other countries following TAFE’s inappropriate and unauthorized actions.

AGCO’s Board of Directors, which has been meaningfully refreshed in recent years, is overseeing management’s successful execution of the Company’s transformation and strategic plan, which resulted in record full-year net sales and adjusted operating margins in 2023, outperforming the global market. AGCO is also on track to deliver structurally higher adjusted operating margins compared to prior industry downturns.

AGCO’s Board of Directors and management team remain committed to acting in the best interests of all AGCO shareholders.

About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers value to farmers and OEM customers through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO’s full line of equipment, smart farming solutions and services helps farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $14.4 billion in 2023. For more information, visit www.agcocorp.com. For company news, information, and events, please follow us on X: @AGCOCorp. For financial news on X, please follow the hashtag #AGCOIR. 

Forward Looking Statement
Our belief that we are on track to deliver structurally higher adjusted operating margins is a forward-looking statement. Actual results could differ materially from those reflected in this statement for a range of reasons, including: general economic and capital market conditions; availability of credit to our retail customers; the worldwide demand for agricultural products; grain stock levels and the levels of new and used field inventories; cost of steel and other raw materials; energy costs; performance and collectability of the accounts receivable originated or owned by AGCO or our finance joint ventures; government policies and subsidies; uncertainty regarding changes in the international tariff regimes and product embargoes and their impact on the cost of the products that we sell; weather conditions; interest and foreign currency exchange rates; limitations on ability to repatriate funds; inflation, including in individual countries that have been designated as highly inflationary; pricing and product actions taken by competitors; commodity prices, acreage planted and crop yields; farm income, land values, debt levels and access to credit; pervasive livestock diseases; production disruptions, including due to component and raw material availability; production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades; integration of recent and future acquisitions, including the completed acquisition on April 1, 2024 of the Trimble ag assets and formation of the joint venture, PTx Trimble, and the ability to obtain the expected results; our ability to complete the sale of the majority of the G&P business; our expansion plans in emerging markets; supply constraints, including energy shortages; our cost reduction and control initiatives; our research and development efforts; dealer and distributor actions; regulations affecting privacy and data protection; technological difficulties; the impact of the COVID-19, or other future pandemics, on product demand and production; the occurrence of future cyberattacks, including ransomware attacks; the conflict in Ukraine; and restrictive covenants, payment obligations and other factors related to our level of indebtedness. . Any forward-looking statement speaks only as of the date on which such statement is made, and we disclaim any obligation to update the information contained in such statement to reflect subsequent developments or information except as required by law.

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CGTN: President Xi’s Southeast Asia visits set to inject new impetus into regional development

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Ahead of Chinese President Xi Jinping’s state visits to Vietnam, Malaysia and Cambodia, CGTN published an article on how China follows the principles of amity, sincerity, mutual benefit and inclusiveness in its neighborhood diplomacy and how it strives to build a community with a shared future with neighboring countries.

BEIJING, April 12, 2025 /PRNewswire/ — Chinese President Xi Jinping will pay state visits to three Southeast Asian countries – Vietnam, Malaysia and Cambodia –next week, the Chinese Foreign Ministry announced on Friday.

The five-day tour to the neighboring countries, lasting from Monday to Friday, will be Xi’s first trip abroad this year.

The visits will come days after the Chinese leader called for building a community with a shared future with China’s neighboring countries at a recent central conference on neighborhood work.

Neighboring countries are China’s priority in its diplomacy, and China and Southeast Asian countries are good neighbors, good friends and good partners with a shared future, said Lin Jian, spokesperson for the Chinese Foreign Ministry, on Friday.

The upcoming visits by the Chinese president bears major importance for China’s relations with Vietnam, Malaysia and Cambodia and the Association of Southeast Asian Nations (ASEAN) as a whole, Lin told a daily press briefing.

The visits are also expected to inject new impetus into the peace and development of the region and the world, he added.

China and Vietnam: Camaraderie plus brotherhood

From Monday to Tuesday, Xi will travel to Vietnam for a fourth state visit as general secretary of the Communist Party of China Central Committee and Chinese president. The trip coincides with the 75th anniversary of diplomatic ties between China and Vietnam, two socialist neighbors that have forged an enduring bond as “camaraderie plus brotherhood.”

Xi last visited Vietnam in December 2023, when both sides agreed to build a ChinaVietnam community with a shared future that carries strategic significance, lifting bilateral relations to a new stage.

Economic and trade cooperation between China and Vietnam has developed steadily in recent years. China has been Vietnam’s largest trading partner since 2004, while Vietnam has been China’s largest trading partner within ASEAN since 2016. Bilateral trade volume has exceeded $200 billion for four consecutive years, reaching $260.65 billion in 2024, a year-on-year increase of 13.5 percent, showed data of the Chinese Commerce Ministry.

Chinese enterprises’ direct investment in Vietnam surpassed $2.5 billion in 2024, sustaining swift growth and making Vietnam an important overseas investment destination for China, according to the ministry.

China and Malaysia: Models of win-win cooperation

The Chinese president last visited Malaysia in 2013, when the two countries elevated ties to a comprehensive strategic partnership. Then a decade later, Xi and Malaysian Prime Minister Anwar Ibrahim reached an agreement in Beijing on jointly building a ChinaMalaysia community with a shared future.

In recent years, China and Malaysia have maintained high-level development in relations. Both sides have had frequent high-level interactions, continued to consolidate political mutual trust, achieved fruitful outcomes in practical cooperation, setting an example of mutual understanding and win-win cooperation between neighboring countries.

ChinaMalaysia collaboration has been expanding across the horizon. China has remained Malaysia’s largest trading partner for 16 consecutive years, with the volume hitting an all-time high of $212.04 billion in 2024. In recent years, Malaysia’s tropical fruits such as durian, mangosteen and jackfruit have become increasingly popular among Chinese consumers.

China and Malaysia are important developing countries and emerging economies in the Asia-Pacific. The upcoming visit by the Chinese leader will mark an important milestone in promoting the upgrading of the relations between China and Malaysia, said Lin, the Chinese Foreign Ministry spokesperson.

Through this visit, China hopes to further strengthen coordination with Malaysia on regional and international issues, move the bilateral relations towards the direction of building a high-level strategic ChinaMalaysia community with a shared future and make new contributions to the growing strength and unity of the Global South and peace and stability in the region, he said.

China and Cambodia: Ironclad friendship

Xi last paid a state visit to Cambodia in 2016. In September 2023, Cambodian Prime Minister Hun Manet chose China as his first official overseas destination after assuming office, a gesture reflecting Cambodia’s diplomatic priority. During their meeting back then, Xi and Hun Manet pledged to further carry forward the ironclad friendship between China and Cambodia.

In recent years, China and Cambodia have continued to deepen strategic mutual trust, enrich the “Diamond Hexagon” cooperation framework, make steady progress in the building of the Industrial Development Corridor and the “Fish and Rice Corridor,” achieve fruitful outcomes in cooperation across the board.

China has been Cambodia’s largest foreign investor and trading partner for several consecutive years. The China-Cambodia Free Trade Agreement, which came into effect on January 1, 2022, marks Cambodia’s first-ever bilateral free trade arrangement. In 2024, the trade volume between Cambodia and China reached $15.1 billion, surging 23.8 percent year on year.

Lin said, during the upcoming visit by the Chinese president, the two sides will have discussions on elevation of bilateral relations and have an in-depth exchange of views on five areas including political mutual trust, mutually beneficial cooperation, security, cultural and people-to-people exchanges and strategic coordination.

https://news.cgtn.com/news/2025-04-11/President-Xi-to-visit-Southeast-Asia-in-first-foreign-trip-this-year-1Cury5TVLpK/p.html

 

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This Is a Test, Please Disregard

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BC Reshapes the Future: LONGi Launches Upgraded Hi-MO 9 Module with Industry-Leading 24.8% Efficiency

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WUHU, China, April 12, 2025 /PRNewswire/ — LONGi Green Energy Technology, a global leader in solar innovation, unveiled the upgraded Hi-MO 9 module powered by its HPBC 2.0 technology in Anhui, China. The latest iteration achieves a groundbreaking 24.8% conversion efficiency and a maximum power output of 670W, outperforming mainstream TOPCon modules by 40W in mass production. This advancement positions Hi-MO 9 as a transformative force for enhancing photovoltaic power plant value worldwide. 

Full-Scenario Power Generation Breakthrough: Bifaciality Exceeds 80%

The newly upgraded Hi-MO 9 module, engineered with LONGi’s proprietary HPBC 2.0 technology, redefines all-scenario power generation performance. By integrating innovative 0BB (0 Busbar) technology and full-area passivation (half-cell architecture), LONGi has boosted module power by 10W, reaching a peak of 670W,with an efficiency of up to 24.8%. The optimized rear-side grid design enabled by 0BB (0 Busbar) technology elevates bifaciality to over 80%, significantly enhancing overall energy yield. Compared to TOPCon modules, Hi-MO 9 delivers a 1.5% absolute efficiency gain, increases installed capacity by approximately 6.4% under equivalent land area, and reduces upfront investment costs of photovoltaic power plant. 

Beyond standard conditions, Hi-MO 9 demonstrates exceptional resilience in challenging environments such as partial shading, high-temperature/high-humidity regions, and low-light scenarios. Over the past year, multiple field demonstration projects have revealed the Hi-MO 9 module’s “remarkable” energy generation capabilities across varied environments. In Hainan, China’s high-temperature, high-humidity environment, LONGi’s Hi-MO 9 module delivers a 1.89% per-watt energy yield advantage over conventional TOPCon modules. In arid Riyadh, Saudi Arabia, the gain reaches 1.62%. Data from additional BC power plants further confirm the exceptional power generation capabilities of the HPBC 2.0-powered Hi-MO 9 module, underscoring its proven reliability across diverse global climates.

World Record Broken: Photovoltaic Efficiency Reaches New Heights 

At the event, LONGi announced a groundbreaking achievement in high-efficiency PV cell technology, setting an unprecedented world record: 

27.81% Conversion Efficiency for its self-developed HIBC (Heterojunction Interdigitated Back Contact) silicon solar cells, certified through rigorous calibration tests by Germany’s ISFH (Institute for Solar Energy Research Hamelin).

The achievement not only reignites global market optimism toward cutting-edge solar solutions but also solidifies LONGi’s role as a trailblazer in delivering transformative energy technologies. 

Unlocking Greater Commercial Value: Global Optimal BC Solar Power Plant Design Challenge Launched 

To further amplify the market potential of high-efficiency BC technology, LONGi partnered with TÜV Rheinland, a globally renowned third-party institution, to launch the “Global Optimal BC Solar Power Plant Design Challenge”during the event. The competition, open to consultancies, EPC firms, and renewable energy investors worldwide, invites innovative designs for ground-mounted power plant projects exceeding 50MW across diverse application scenarios. Submissions will be accepted from April 11 to November 30, 2025. TÜV Rheinland will lead an expert panel in rigorously evaluating entries based on BC technology integration, PVsyst simulation results, and design innovation. The total prize purse amounts to approximately 280,000 USD. (Details : http://www.longi.com)

Dennis She, Vice President of LONGi, emphasized: “BC technology represents the ultimate advancement in crystalline silicon solar cells. With a mature global ecosystem, high-efficiency BC modules are rapidly being deployed across diverse applications. The upgraded Hi-MO 9, powered by HPBC 2.0, will deliver unparalleled value to customers worldwide. We are committed to sharing BC innovations with global partners to build a sustainable future.” 

LONGi’s global order reserves for BC modules has exceeded 40GW. The expanding deployment of BC power plants worldwide will drive higher returns for clients and redefine the future of the photovoltaic industry.

 

SOURCE LONGi Solar

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