ASSUMPTION, ILLINOIS, U.S. (June 17, 2014)— Grain Systems Inc. (GSI), a global brand of AGCO, announced on May 22, 2014 that it has signed a definitive agreement, subject to regulatory approval, to acquire Intersystems a leading manufacturer of bulk material handling and industrial sampling equipment based in Omaha, Nebraska.
The acquisition includes Intersystems manufacturing operation in Omaha and approximately 250 employees, all of whom will be retained by GSI.
“We’re very excited about adding Intersystems to the GSI and AGCO family. Intersystems will allow us to expand our grain handling and storage business in the fast growing off-farm segment,” said Tom Welke, senior vice-president, GSI, Global Grain and Protein.
“With the acquisition of Intersystems, we are adding an extensive industrial strength product line with world-class commercial customer service and design flexibility,” Welke said. In addition to manufacturing high capacity conveyance including the 3i RollerFLO™ belt conveyor, Intersystems also produces high capacity bucket elevators, a full line of distributors, industrial sampling equipment and accessories. Intersystems equipment can be found at grain elevators, in processing plants and at port facilities handling a wide variety of commodities including grains, powders, rock and wood chip around the world.
“We are excited to work with the management teams at Intersystems and GSI to build a stronger combined business” said Kevin Clark, Chief Financial Officer at Intersystems. “The acquisition allows Intersystems to have continued growth and insures long-term sustainability.”
Welke pointed out that Intersystems’ reputation in the commercial marketplace is impeccable both in product quality and customer service, and now with substantial support from GSI and its parent company, AGCO we will be able to serve customers in an unparalleled manner.
Intersystems will remain a stand-alone business and will be integrated into the GSI and AGCO operations over a period of time.
Safe Harbor Statement
Statements which are not historical facts, including expectations regarding this transaction are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. These risks include possible declines in demand for products as a result of weather, demand and other conditions that impact farm income, actions by producers of competitive products, and the general risks attendant to acquisitions. Further information concerning these and other factors is included in AGCO’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2013. AGCO disclaims any obligation to update any forward-looking statements except as required by law.
