10:21 AM EST, 02/11/2025 (MT Newswires) -- AGCO ( AGCO ) shareholder Tractors and Farm Equipment Ltd, or TAFE, said Tuesday that AGCO's ( AGCO ) recent Q4 and full-year 2024 results were "disappointing."

"AGCO's ( AGCO ) revenue and operating margin have trailed peers for more than a decade -- even as leadership has poured significant capital into numerous acquisitions," TAFE said.

AGCO's ( AGCO ) "recent Analyst Day and financial results have only deepened our concerns regarding AGCO's ( AGCO ) strategic direction and the board's inadequate oversight of all areas of the business," the shareholder said.

TAFE also said that "after spending $2 billion to acquire PTx Trimble technology assets, [AGCO ( AGCO )] has not disclosed key metrics related to the joint venture, including its 2024 performance, 2025 outlook and the impact of layoffs."

TAFE, which has a 16.3% stake in AGCO ( AGCO ), said it has withdrawn a 14a-8 shareholder proposal from AGCO's ( AGCO ) proxy statement for the 2025 annual meeting as it believes that "stronger action must be taken to strengthen the board's oversight of management and ensure a focus on shareholder value creation."

AGCO ( AGCO ) didn't immediately respond to a request for comment by MT Newswires.

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