AGCO Acquires Faromatics For Undisclosed Sum

  • 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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