MINNETONKA, MN (AP)--Ag-Chem Equipment Co., Inc., which makes farm machinery for applying fertilizer and chemicals to fields, is being acquired by farm machinery maker AGCO Corp., Ag-Chem announced Nov. 20.
Under the agreement, Ag-Chem will merge with a wholly owned subsidiary of AGCO. Ag-Chem shareholders will get $25.80 per share, up to half in AGCO stock and the rest in cash.
The deal, subject to regulatory approval, also will give Duluth, GA-based AGCO access to Ag-Chem's farm management technology, known as SOILTEQ.
Ag-Chem had sales of $299 million in fiscal 2000.