World Grain - March 2021 - 74

SUPPLIER NEWS

AGCO income soars in 2020

DULUTH, GEORGIA, US - AGCO reported annual net
income for 2020 of $419.8 million, an increase from $122.8
million in 2019.
Net sales for the full year of 2020 totaled approximately
$9.1 billion, up approximately 1.2% compared with sales in
¿VFDO
For the fourth quarter ended Dec. 31, 2020, AGCO posted
net income of $135.4 million, which compared with a loss of
$89.6 million in the previous year. Net sales reached $2.72 billion, up from $2.51 billion in the same quarter a year earlier.
" The AGCO team delivered strong operational results leveraging improving markets to produce sales and earnings growth
in the fourth quarter, " said Eric Hansotia, chairman, president
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WRRYHUFRPHVXSSO\FKDLQGL൶FXOWLHVDQGPDLQWDLQSURGXFWLRQ
levels, while reducing company and dealer inventories, which
FRQWULEXWHGWRVLJQL¿FDQWFDVKÀRZJHQHUDWLRQ,ZRXOGOLNHWR
WKDQNDOORXUHPSOR\HHVIRUWKHLUH[WUDRUGLQDU\H൵RUWVWRVXSport our dealers and customers under challenging conditions.
Our improved results allowed us to maintain our investments in
premium technology, sustainable smart farming solutions and
enhanced digital capabilities. AGCO's exceptional product line
continues to be well-received by our customers as evidenced
by a strong year-end order board. Looking forward to 2021, we
are forecasting sales and earnings growth as industry conditions
trend positively and we position AGCO for future success.
" Increased grain consumption, driven by economic recovHU\ DQG KLJKHU H[SRUW GHPDQG KHOSHG WR R൵VHW D VROLG \HDU
of global crop production leaving year-end grain inventories
lower than anticipated. "
Hansotia said the company's long-term global view remains positive.
" Increasing demand for commodities, driven by the growing world population, rising emerging market protein consumption and biofuel use, are expected to support healthy
conditions in our industry, " he said.
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full year of 2020 compared with 2019, excluding the negative
impact of currency translation.
Income from operations for the full year of 2020 improved
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of a richer sales mix and cost control initiatives contributed to
operating margin improvement.
AGCO's South American net sales increased 36.6% for the
full year of 2020 compared with 2019, excluding the impact
of unfavorable currency translation. Increased sales in Brazil
and Argentina were responsible for the growth. Income from
operations for the full year of 2020 was improved compared
with 2019 by approximately $68.7 million. The improved
6RXWK$PHULFDUHVXOWVUHÀHFWWKHEHQH¿WRIKLJKHUVDOHVDQG
production, a richer sales mix, as well as cost reduction initiaWLYHVSDUWLDOO\R൵VHWE\QHJDWLYHFXUUHQF\LPSDFWV
$*&2¶V (XURSH0LGGOH (DVW QHW VDOHV ZHUH ÀDW IRU WKH
full year of 2020 compared with 2019, excluding favorable
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WKHVHFRQGKDOIRIWKH\HDUFRPSDUHGZLWKR൵VHWWLQJD
weak second quarter that was impacted by COVID-19-related
production interruptions. Declines in France, Scandinavia and
&HQWUDO(XURSHZHUHPRVWO\R൵VHWE\JURZWKLQ*HUPDQ\DQG
Eastern Europe.
Income from operations decreased approximately $52.9
million for the full year of 2020 compared with 2019, due
to lower net sales and production volumes as well as higher
warranty costs.
$VLD3DFL¿F$IULFD QHW VDOHV LQFUHDVHG  H[FOXGLQJ
the positive impact of currency translation, during the full
year of 2020 compared with 2019. Higher sales in China and
$XVWUDOLDZHUHPRVWO\R൵VHWE\ORZHUVDOHVLQ$IULFDDQGWKH
smaller Asian markets. Income from operations improved approximately $18.7 million for the full year of 2020 compared
with 2019, due to higher sales and a richer product mix.
AGCO's net sales for 2021 are expected to range from
ELOOLRQWRELOOLRQUHÀHFWLQJLPSURYHGVDOHVYROumes, pricing and positive foreign currency translation.

Ocrim plans investments through 2023
CREMONA, ITALY - Ocrim is spending more than €7.5
million ($9 million) from 2021-23 on expansion and company
improvement.
Investments in 2021 will include the Fluting Hub that will
DFFRPPRGDWHDQHZUROOHUÀXWLQJGHWDFKPHQWV\VWHP7KHKXE
LQFOXGHVVWDWLRQVIRUÀXWLQJJULQGLQJEDODQFLQJDQGDQLQQRYDtive system for coating the outer surface of the rollers in titanium
WRHQKDQFHWKHLUH൶FLHQF\ZHDUUHVLVWDQFHDQGWROHQJWKHQWKHLU
service life.
New investments also include the Milling Hub complex at
the Cremona canal port. In response to a customer request, a
second mill for grinding wheat will be added.

Ocrim also is strengthening two software systems with the
goal of complete digital conversion by 2023.
A new 2D laser was purchased for the joinery department,
which has increased productivity by 50%. This year, the
company will expand the welding area with a third robotic
welding station. It allows for greater control, regularization
DQG H൶FLHQF\ EDVHG RQ WKH PDUNHW¶V GHPDQG IRU FXVWRPized processing.
,QOLJKWRILWVVXFFHVVIXOZHELQDU2FULPZLOOR൵HUDQHZVHries of appointments in 2021 related to assistance, consultancy
and maintenance technology. More information and technical
details will be available throughout the year.

74

March 2021 / World Grain / www.World-Grain.com


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