Case Corporation agrees to acquire Concord, Inc.; purchase would expand Case IH line of agricultural equipment.RACINE, Wis.--(BUSINESS WIRE)--Nov. 29, 1995--Case Corporation (NYSE NYSE See: New York Stock Exchange :CSE (Certified Systems Engineer) See Microsoft certification. ) announced today that it has reached an agreement in principle to acquire Concord, Inc., the number-one seller in the U.S. of air drills used for planting wheat and other cereal grains. Terms of the agreement were not disclosed, and the closing is subject to final negotiations and any necessary government reviews. "The Concord air drills are excellent products, and we believe that we have significant potential for growth by expanding distribution and pioneering new applications," said Jean-Pierre Rosso, Case president and chief executive officer. Concord, based in Fargo, North Dakota “Fargo” redirects here. For other uses, see Fargo (disambiguation). Fargo is a city in Cass County, North Dakota in the United States. It is the county seat of Cass County, located in the Red River Valley region. , is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. with annual sales of approximately $25 million. The addition of the Concord air drills would strengthen the Case IH line of agricultural equipment. Concord pioneered the use of air drills in 1981 and added variable rate controls in 1988. The Concord model employs a ribbon seeding technique that places seeds in a six-inch band rather than a single row. This provides three to four times more area for each plant to develop. The Concord air drill also has a patented soil packing system that ensures that each seed is firmly planted. Air drills are critical tools for cereal-grain farmers practicing conservation tillage, and industry-reported unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. have increased substantially since 1992. Air drills are the fastest growing category within the approximately $500 million North American planter and seeder seed·er n. 1. A machine or an implement used for planting seeds. 2. A machine or implement used to remove the seeds from fruit. 3. One that seeds clouds. Noun 1. market. Case Corporation, with net sales of $4.3 billion in 1994, is a leading worldwide designer, manufacturer and distributor of agricultural and construction equipment. Headquartered in Racine, Wisconsin, the company's products are sold through a network of approximately 4,100 independent dealers and distributors in more than 150 countries. CONTACT: Case Corporation, Racine William B. Masterson, 414/636-5793 |
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