ATLANTA, Nov. 18 /PRNewswire/ -- AGCO Corporation (NYSE: AG), a major
worldwide manufacturer and distributor of agricultural equipment, today
announced the appointment of Jean-Paul (J-P) Richard as President and Chief
Executive Officer.
     According to Robert J. Ratliff, Chairman of the Board of AGCO, "I am
extremely pleased to announce the appointment of J-P Richard as President and
CEO of AGCO Corporation.  J-P is a dynamic addition to AGCO's superior
management team.  He has a unique combination of  extensive international
business experience, years of hands-on management in industrial manufacturing
and distribution, and a deep working knowledge of AGCO and our industry.  J-P
is highly qualified to lead AGCO into the future as a global company and to
build on AGCO's strategy of profitable growth as AGCO continues to expand its
reach worldwide."
    AGCO's Group Presidents of Sales and Marketing, Technology and Operations,
and Finance and Administration will report directly to Mr. Richard.
Mr. Richard will report directly to Mr. Ratliff, who will now serve as
Chairman of the Board and Chairman of the Executive Committee.  In this
capacity, Mr. Ratliff will retain an active role in guiding the ongoing
strategy of the Company.  Mr. Ratliff, who founded AGCO in 1990, has served as
both Chairman of the Board and Chief Executive Officer.  Under his leadership,
AGCO has grown from a $200 million company to a dominant global competitor in
the agricultural equipment industry with 1995 sales of more than $2 billion.
    Mr. Richard has been a member of AGCO's Board of Directors since 1993.  He
was formerly President and Chief Executive Officer of Insituform Technologies,
Inc., a publicly traded company which is the world's leading provider of
trenchless solutions for the rehabilitation of underground piping systems.
    Since joining Insituform in late 1993, Mr. Richard led the company's
growth by more than 200% through a series of strategic acquisitions and the
development of a worldwide distribution network.
    Mr. Richard was previously President and Chief Executive Officer of Massey
Ferguson Ltd., the leading worldwide tractor brand which was subsequently
purchased by AGCO.  He was also Vice President - Corporate Development of
Varity Corporation, then the parent of Massey Ferguson.  At Massey Ferguson,
Mr. Richard was instrumental in returning the company to profitability.  He
also facilitated the North American distribution agreement with AGCO through
which Massey Ferguson achieved critical mass in the North American market.
    Before joining Varity in 1991, Mr. Richard had managed a variety of
industrial businesses for Combustion Engineering, Inc. since 1980 and was
elected a Group Vice President and Corporate Officer in 1988.  He became an
Executive Vice President  and President, Industry Segment of Asea Brown
Boveri, Inc. following its acquisition of Combustion Engineering in 1990.  In
these positions Mr. Richard was directly responsible for the management of an
industrial group representing over $1 billion in revenues including process
automation, instrumentation, robotics and AC/DC drives.
    Mr. Richard started his career as a management consultant to government
agencies and industrial organizations in the European headquarters of Peat
Marwick Mitchell in Paris.
    Mr. Richard, age 53, is a Fulbright Scholar and the recipient of a
Stanford Fellowship.  He holds a Masters Degree and Ph.D. in Operations
Research from Stanford University and a Master of  Computer Sciences degree
from Grenoble University, France.  Mr. Richard earned his undergraduate degree
in Mechanical Engineering from the Ecole Nationale Superieure des Arts et
Metiers, France.
    Mr. Richard is a member of the Board of Directors of Thomas & Betts
Corporation, a $2 billion manufacturer and distributor of electrical
components which is listed on the New York Stock Exchange.
    AGCO Corporation, headquartered in Duluth, Georgia, is a global
manufacturer and distributor of agricultural equipment and related replacement
parts.  AGCO offers a full product line including tractors, combines, hay
tools, forage equipment and implements through more than 7,000 independent
dealers and distributors around the world.  AGCO's products are distributed
under the brand names AGCO(R)Allis, Massey Ferguson(R), Hesston(R), White,
GLEANER(R), White-New(R)Idea, AGCOSTAR(R), SAME, Black Machine, Landini,
Tye(R), Farmhand(R), Glencoe(R), Maxion, IDEAL, Western Combine and Portage
Manufacturing, Inc.  AGCO provides retail financing worldwide through its
Agricredit joint venture in North America and through its Massey Ferguson
Finance joint ventures in the U.K., France and Germany.  In 1995 AGCO had
sales of $2.1 billion.

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