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Agco profit decline

Farm machinery manufacturer Agco suffered an 11.8% drop in net income to US$516.4 million (€381.3m) in 2012 due to lower production, start-up costs at its German Fendt facility and a $22.4m write down at its China operations. The company posted record net sales, however, of around $10bn, up by 13.6% on 2011, thanks to strong growth in South America and Asia-Pacific. Martin Richenhagen, chairman, president and chief executive of Agco, said: “Agco completed 2012 with record sales and adjusted earnings while making significant upgrades to our product offerings and improving our manufacturing facilities.”

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