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AGCO CEO Martin Richenhagen on the company’s outlook for record sales and why the company is focusing on growth in South America.
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Factor -- -- are actually down right now just slightly they delivered a better than expected third quarter they raised our full year outlook.
Martin Christian Hagen is the chairman the CEO the president and He joins me now from Atlanta and a first on fox business and your view and okay performances aside I do want to talk to you about the company overall and quarter.
Wanna find out what led you have in most particularly it will raise the guidance for the year the street overall the analyst community saw -- as a positive we're used to the growth is going to be.
Well actually be.
Face face on the fundamentals and our in this state farm income is very are a commodity prices us -- commodity inventories -- though.
And we will have a my thoughts here with tech caught sales but also much more important faculty earnings.
-- -- -- DO about sales of particular couple of questions on that front for you first if I was looking at the breakdown of where your sales of the strongest and it's really Europe.
The Middle East and Africa that's 60% of sales yet you're focusing your attention.
On South America some analysts have said that you really should not be focusing on South America but really put more energy towards.
Europe especially -- responded yeah.
But actually be about market leader and Brazil are just a bundle of all our as strong markets with more than 50%.
And I think that's about a good position we have if you want to defend and then the new law we are number of are not -- in most off the markets.
With about -- long bands like fend Massey Ferguson and volatile.
We are -- event -- long and you'll love what will be tomorrow.
All right well you we have the Caterpillar -- my college was claimant talk to the Caterpillar CEO Doug over home and yesterday He said -- that He blip but also South America was a strong piece of business and growth for -- I can see you're saying but what about investment opportunities.
Over in Europe -- the desk the debt crisis is not solved in that country what -- the debt crisis in this country.
Is not solved what does that mean to North America what does that mean to Europe what does that mean to you.
But I think the yield companies that manufacturing companies are much bad -- Then out of the open and you'll be and media -- to like to to be leads.
The uncertainty it's more coming farm politicians.
Then farm.
Business leaders.
We have back based long now markets we have -- -- -- -- We have an excellent inaudible didn't you'll -- so I'm not that -- -- And I'm not the only -- I guess by eight we have -- quite some companies.
Doing very well in you'll opera in South America.
So also -- and the US the demand for our -- -- His mideast long.
-- Martin -- Galveston on the debt issued just for mama would give a visual one of a massive -- to CEOs that was very vocal about the fact.
The congress needed to act over the summer get the debt silly debate -- settled in behind -- now is that the super committee.
That's coming up they're gonna have to cut one and a half trillion dollars a few.
I had their -- right now where would you tell them to Begin to -- when it comes suspending her in this country.
Well above what we need of our business needs is festive at consistency.
Second politicians need to be -- a little bit more careful in what they as saying.
Because they somewhat create uncertainty which might see is out in.
Hey let go off consumer confidence which is not a bad for the amount.
What -- then leads as we need strong reduction in -- -- -- see.
And regulation this country is well -- -- do -- tax.
We have a top heavy government.
And they're not give you know what that doing so we need less to walk us see and we need to speed up we talk about this Obama probably -- already for quite a while.
And nothing happened so far at least not think.
I know about.
Obviously because of the equipment you make it and -- farm equipment is very important to the farmers of the United States.
But at what point would you as the CEO of this company a major company that has operations here decide that you would scale back operations in this country.
Because of over regulation that exact issue that you're talking about if you -- the regulations went against you.
And the next year to two years would you again there may be farm out operations overseas no pun intended on the fire department that's my question -- -- Isn't that a good point but we want to gain market share and the US.
-- -- just building effectively.
So and that means we are not in the mood off cutting investments back.
But I know are some of colleagues who think in that direction so that means that.
That America needs to speed up we need to create an invite them and -- Which set -- tax investments.
So when you go to Sinai nowadays to get more support then you'll get from the US government.
Let me ask you a quick yet unemployment is still sitting above 9% many analysts say it's gonna say about 9% for the foreseeable future.
Are you hiring right now and if so where do you plan the hi there.
Yet nobody be -- about a thousand people this year we also did a big acquisition in the US we bought a company called TS -- To make sure that this company also stays in the American own -- so to say.
So -- vol -- the optimistic.
About we don't like.
The way how business there is this -- to -- now.
And what I'm saying as we need consistency you know that Herman -- was off my on my bought off direct us -- several years.
And he's being -- and we support his of -- pretty much.
Maarten -- -- the chairman is CEO the president agnico.
Thank you very much a first on Fox News interview pleasure to talk to -- let's talk in the next -- --
