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AGCO Corp. CEO Martin Richenhagen says he would like to do more business in the U.S. but taxes holds the company back.
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Big deal.
Our it well despite Spain's huge -- pressures remains one of Europe's leading farming countries.
And one of the best markets for farm equipment manufacturer AGCO our AGCO core.
Let's say AGCO reported a 54% jump in quarterly profit and CEO -- -- and Hagan joins us now on Fox Business exclusive.
Sir congratulations on the quarter.
Profit up 53% sales up 14%.
Despite what's happening in New York how come.
Tracy thank you very much well actually you -- -- about his long market.
And the farming the sect off bombing.
Falwell's.
Different -- on that may be some -- the other in this these Demont this about Islam.
He isn't saga going about population changing diets in emerging countries and -- -- also be normal fuel -- figure I didn't all the time.
But Spain is a bit your largest market.
World's largest production producer of oranges Mandarin is starting to pinpoint soared means.
Yet the country can't get its act together -- can you still rely on them to be a reliable customer.
Yeah isn't coming they do bad dug then may be in some of the other yeah that's that's -- -- Yeah I think about that book -- most public would like to be a -- in Spain I think by farm equipment is doing pretty well.
-- though as Spain is bound a little bit so this longest market's performance and you'll -- you see you back now in funds.
-- Germany and in the okay.
Let's bring -- back home we have a really big drought going on here in the United States in.
Your company sells farm equipment tractors are you worried about that.
Well a little bit we have -- -- a fall off farmers.
Good knows this year's little -- dollar and we think by about maybe 20%.
In the call on balance.
But prices -- also by about 20% so far some of the from us this movie you watched some have -- -- And -- then off cause that input costs for some off the pig and -- -- Morris will go up so we will see I think sounds like the amazing food prize is send -- coming months.
-- worried about the most as far as regulation here in the United States I know your biggest markets are.
China Africa Brazil and Argentina but in order to do business here at home what would you like to see changed.
Well actually I think we -- somebody over regulated brought you would like to see is that -- simplifies.
Tax code more consistency.
From politicians.
So -- business its -- important to be in a position to column on Sutton.
-- fought long copy of the enough time -- just become pretty difficult I would personally like to see.
The -- says fought need recreational follow on earnings going down to lose the at all because to be cool.
A lot of business outside the US and B would like to invest the money -- -- -- like many of my.
-- spot this difficult because.
Earnings happy text already unit -- -- all of also -- our.
And if you bring it back and want to pay dividends I want to invest we have to tax -- again that doesn't make sense.
It doesn't make any sense which is probably why you're investing so heavily overseas -- -- Canadian thank you so much for taking the time have you with us and congratulations on the quarter.
Thank you very much CEO of AGCO there doing mild.
