Benzinga | Sep 13, 2021 03:00PM EDT

AGCO Acquires Faromatics For Undisclosed Sum

* AGCO Corp (NYSE:AGCO) has acquired Farm Robotics and Automation S.L. (Faromatics), a precision livestock farming company, for undisclosed financial terms.

* Faromatics is the creator of ChickenBoy, a ceiling-suspended robot that monitors broiler chickens and helps farmers increase animal welfare and farm productivity. It also uses artificial intelligence (AI) to identify health, welfare, and farm equipment risks.

* AGCO held cash and cash equivalents of $500.2 million as of June 30, 2021.

* "This Faromatics acquisition supports our vision of being farmers' most trusted partner for industry-leading, smart farming solutions across every area of our business," said Eric Hansotia, AGCO's Chairman, President, and CEO.

* Price Action: AGCO shares are trading lower by 0.27% at $127.67 on the last check Monday.