The Climate Corporation has found another buyer for its Precision Planting equipment business.
Less than three months after the Monsanto subsidiary cancelled the sale of Precision Planting LLC to Deere & Co., a deal has been struck to sell Precision Planting to AGCO.
“As a leading global equipment manufacturer, AGCO is uniquely positioned to enable broader distribution of Precision Planting technology and will continue the development of innovative products that improve the efficiency and productivity for farmers around the world,” said Climate Corp. CEO Mike Stern in a statement.
“The acquisition of Precision Planting will solidify AGCO as one of the global leaders in planting technology and strengthen our position as a full line partner for professional farmers across the globe,” added Martin Richenhagen, AGCO’s chairman, president and CEO.
The terms of the agreement have not been disclosed. Climate’s FieldView digital platform will retain connectivity with Precision Planting’s 20/20 SeedSense monitor.
The sale is still subject to regulatory approvals.
Monsanto cancelled its deal to sell Precision Planting to Deere this past spring after the sale, originally announced in November 2015, was delayed by a U.S. Department of Justice legal challenge. A Deere executive expressed disappointment that Monsanto cancelled the agreement before the legal case reached its conclusion.