Agricultural equipment manufacturer AGCO (NYSE:AGCO) said today it has agreed to acquire GSI Holdings from Centerbridge Partners for $940 million.
AGCO's CEO said the producer of grain storage and protein production systems is an excellent fit with AGCO, and will allow the company to extend its reach in the agricultural industry.
GSI has annual revenue of more than $700 million.
The transaction is expected to close before the end of 2011.
Also in the heavy equipment space, keep an eye on shares of Caterpillar (NYSE:CAT) today.
The company said in a regulatory filing late Friday that it will raise worldwide prices on most machines by up to 3%.
The price change will be effective in January of 2012, and reflect industry factors and economic conditions, the company said.
Additionally, emissions-related price increases of 2% to 6% will also apply in January for relevant products and regions.
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