AGCO says revenue will remain flat in 2010

The global slowdown in the farm equipment market will result in flat 2010 revenue for machinery maker AGCO, company officials said this week. "Our order boards are weak, and farmers are being very conservative," Chief Financial Officer Andy Beck said. The company has already cut third-quarter production by 31% from the same period last year and has cut its workforce by 25% since the start of the year. This week, it reported net income of $11.1 million for the third quarter, down from $99 million a year ago.

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