AGCO (NYSE:AGCO) is a leading manufacturer of agricultural equipment. The company sells its products through a network of dealers and distributors. In 2013, 60% of the company's revenue was generated from sales of a full range of tractors. The company's other major product categories include combines (6% of sales), grain storage (7%), hay tools (9%), and fertilizer application equipment (5%). Engines and precision farming technologies account for a relatively small portion of the company's sales mix. Finally, AGCO generates 13% of its revenue from the sale of replacement parts. Since the company's machines can be used for between 10 and 20 years, there is plenty of demand for replacement parts. Sales of replacement parts have higher...
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