AGCO Corp. has signed an agreement with Caterpillar Inc., to acquire Cat's design, assembly and marketing of its new MT Series of Caterpillar Challenger high-tech farm tractors.

“This agreement enables us to focus our efforts on those areas where we can add the highest value — engines, drivetrains, electronics and technology development,” says Robert Macier, a Caterpillar vice president.

“It also offers Caterpillar the opportunity to provide additional engines and other components to AGCO — a leading global supplier of ag equipment,” he adds.