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Agco lowers sales figure for fiscal 2009

Agco Corp., one of the world’s largest farm equipment makers, said it expects lower sales of its tractors, combines and other machinery next year as the global financial crisis erodes demand.

Like other farm equipment companies, Agco faces the prospect of declining sales after strong growth earlier this year, which was fuelled by soaring crop prices.

Agco, however, is optimistic that long-term prospects remained bright as farmers call for more sophisticated machines to boost yields and meet expanding global food and energy needs.

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