US-based machinery giant Agco has announced that it has bought grain storage equipment maker GSI Holdings.

Based at Assumption, Illinois, USA, GSI sells its products through 500 independent dealers across the world. However at the moment it doesn’t sell into Western Europe.

Agco paid $940m to buy the company, making it its biggest purchase to date. The price-tag of GSI even eclipses that of Agco’s purchase of Fendt a few years back.

However GSI is reckoned to have a 15% return on sales, which is high by farm machinery and equipment standards. GSI also manufactures protein production systems.