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AGCO CORPORATION AND VARITY JOINT VENTURE COMPLETES ACQUISITION OF AGRICREDIT

 ATLANTA, Jan. 27 /PRNewswire/ -- Robert J. Ratliff, president and chief executive officer of AGCO Corporation (NASDAQ: AGCO), said today the final phase of the company's investment in the previously announced AGCO-Varity (NYSE: VAT) joint venture in Agricredit Acceptance Corporation has been completed.
 AGCO's investment of approximately $18.8 million for its 50 percent interest in Agricredit, a diversified equipment finance company, was arranged through its revolving credit facility with ITT Commercial Finance.
 The Agricredit joint venture is part of an arrangement that began with the appointment of AGCO Corporation as the exclusive distributor of farm equipment in North America for Massey Ferguson, a unit of Varity. The total amount of the deal, including the acquisition of substantially all of the net assets of Massey Ferguson's North American operations, was $113.6 million.
 Ratliff said AGCO's appointment as the exclusive distributor of farm equipment in North America for Massey Ferguson, along with the joint venture between AGCO and Varity to acquire substantially all of the net assets of Agricredit, provides AGCO with the opportunity to add a major product line and equipment finance company to the corporation, further strengthen its distribution network and continue to position AGCO for future growth in North America.
 -0- 1/27/93
 /CONTACT: Allen W. Ritchie, vice president and CFO, 404-246-6110, or Susan H. Hogan, vice president, corporate communications, 404-246-6161, both of AGCO; or Jerry Hostetter, vice president, investor relations & communications, of Varity, 716-888-8073/
 (AGCO VAT)


CO: AGCO Corporation; Agricredit Acceptance Corporation ST: Georgia IN: MAC SU: TNM

LR-SB -- NY015 -- 9451 01/27/93 08:47 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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