Salem Radio Network News Saturday, May 28, 2022

Business

Tractor maker AGCO says its operations at some facilities hit by ransomware attack

(Reuters) -Agricultural equipment maker AGCO Corp said on Friday it expects operations at some of its production facilities to be affected for “several days and potentially longer” following a ransomware attack.

The company’s shares were down 4% at $125.55.

AGCO did not disclose the names of the facilities or if any data was stolen, but added it was still probing the extent of the attack that occurred on Thursday and working to repair its systems.

The company, which competes with larger rival Deere & Co to sell tractors and combines, manufactures and assembles products in 42 locations worldwide, including four locations where it operates joint ventures.

AGCO, which recorded net sales of $11.1 billion in 2021, has three main manufacturing locations in the United States, with facilities in other countries such as China, Germany and France, according to its latest annual filing.

The ransomware attack comes at a time U.S. agricultural equipment makers face persistent supply chain disruptions that have left them unable to meet equipment demand from farmers.

(Reporting by Nathan Gomes in Bengaluru; Editing by Rashmi Aich and Shounak Dasgupta)

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