AGCO Prices Senior Subordinated Notes Offering.

Business Editors

DULUTH, Ga.--(BUSINESS WIRE)--April 15, 2004

AGCO Corporation (NYSE:AG), a worldwide designer, manufacturer and distributor of agricultural equipment, today announced that it has agreed to sell EUR 200 million aggregate principal amount of its 6 7/8% senior subordinated notes due 2014 in a fully underwritten public offering, which is expected to close April 23, 2004. The notes are expected to be listed on the Luxembourg Stock Exchange. The proceeds will be used to redeem the $250 million principal amount outstanding of AGCO's 8 1/2% senior subordinated notes due 2006.

Morgan Stanley & Co. International Limited and Bear Stearns International Limited are acting as joint-bookrunners and lead underwriters for the offering. Tokyo-Mitsubishi International plc, Rabo Securities USA, Inc., SunTrust Capital Markets, Inc. and HSBC Securities are serving as co-managers for the offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer will be made only by means of the prospectus supplement and related prospectus. Potential investors should read those documents carefully before making any investment decision. Copies of the prospectus supplement and related prospectus may be obtained by contacting Morgan Stanley & Co. International Limited, Prospectus Department, 1585 Broadway, New York, New York 10036.

AGCO's expectations with respect to the offering constitute forward looking statements. Actual results may differ materially from those suggested in the forward looking statements for a number of reasons, including the need to fulfill the closing conditions contained in the underwriting agreement for the offering.

AGCO Corporation, headquartered in Duluth, Georgia, is a global designer, manufacturer and distributor of agricultural equipment and related replacement parts. AGCO products are distributed in over 140 countries. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements through more than 9200 independent dealers and distributors around the world. AGCO products are distributed under the brand names AGCO(R), Agco Allis(R), AgcoStar(R), Challenger(R), Farmhand(R), Fendt(R), Fieldstar(R), Gleaner(R), Glencoe(R), Hesston(R), LOR*AL(R), Massey Ferguson(R), New Idea(R), RoGator(R), SisuDiesel(TM), Soilteq(TM), Spra-Coupe(R), Sunflower(R), TerraGator(R), Tye(R), Valtra(R), White(TM), and Willmar(R). AGCO provides retail financing through AGCO Finance in North America and through Agricredit in the United Kingdom, France, Germany, Ireland, and Brazil. In 2003, AGCO had net sales of $3.5 billion.

Please visit our website at www.agcocorp.com.