Protecting the Responsible Growth of American Manufacturers

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Providing the tools for developing countries to grow their agricultural ecosystem and feed their nation is a key mission of AGCO Corporation, an agricultural equipment manufacturer headquartered in Duluth, Georgia. Built on the core values of accountability, integrity, respect, team spirit and transparency, AGCO manufactures tractors, combines, sprayers, hay equipment and grain storage systems for customers across the globe.

Today, AGCO remains highly committed to responsible growth as they strive to conserve natural resources and protect the environment from harmful influences. Internally as well, growth of the business is first and foremost focused on cultivating a highly trained and motivated workforce and developing long-term career opportunities for all employees.

Approximately 80% of AGCO’s business is conducted outside of the United States, and part of this business utilizes the U.S. Export-Import Bank (“Ex-Im”) for the necessary financing to compete with their foreign counterparts in geographical areas like Africa, Asia and Eastern Europe where agriculture is rapidly developing. As the business grows, so do the jobs. With factories in Illinois, Kansas, Minnesota and Alabama, the company currently employs 5,700 Americans.

AGCO’s grain storage and protein production division, GSI, has actively used Ex-Im bank to bring grain storage solutions to emerging markets. In 2012 alone, Ex-Im bank facilitated the financing of more than $35 million in grain storage sales in Eastern Europe and GSI continues to approach Ex-Im for support in Africa and Asia, where local financing solutions can be difficult.

Michael Cully, Vice President of Government Affairs for AGCO says, “The Ex-Im Bank is a great benefit to Americans because it helps to grow jobs and allows U.S. companies to compete with their global counterparts in what is an active competitive market today – all while generating revenue.”

In fact, AGCO’s grain storage competitors across the northern border in Canada and are just as eager to grow their market share. “We hear consistently that the Canadian export credit agencies are easy to work with, and that matters to potential customers. If the Ex-Im Bank is not reauthorized, it would greatly complicate our ability to finance sales and jeopardize our ability to maintain and grow our international grain storage customer base. “ Cully continued.

As AGCO plans for future growth, the Ex-Im Bank is an important factor in ensuring their continued success. Unless Congress moves to reauthorize the Bank in September, the critical contributions companies like AGCO provide the U.S. economy will be at risk of benefiting our international competitors instead.