AGCO Acquires Faromatics For Undisclosed Sum

September 13, 2021 3:00 PM | 1 min read | Make a Comment

AGCO Corp AGCO has acquired Farm Robotics and Automation S.L. (Faromatics), a precision livestock farming company, for undisclosed financial terms.
Faromatics is the creator of ChickenBoy, a ceiling-suspended robot that monitors broiler chickens and helps farmers increase animal welfare and farm productivity. It also uses artificial intelligence (AI) to identify health, welfare, and farm equipment risks.
AGCO held cash and cash equivalents of $500.2 million as of June 30, 2021.
"This Faromatics acquisition supports our vision of being farmers' most trusted partner for industry-leading, smart farming solutions across every area of our business," said Eric Hansotia, AGCO's Chairman, President, and CEO.
Price Action: AGCO shares are trading lower by 0.27% at $127.67 on the last check Monday.

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