Agricultural equipment manufacturer Agco expects global net sales will be down by a quarter (23-25%) this year, compared with 2008.
The firm, which has brands such as Massey Ferguson, Fendt and Valtra, said that sales and operating income in its Europe, Africa, and Middle East region would be lower than previously forecast due to "softening market conditions, slowing order in-take, continuing efforts to reduce dealer inventories, and lower than anticipated margins".
