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  1. #1
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    Default Farmtrac Closes Their Doors!

    There has been no public announcement and their website is still up an running but they are for sure closed and a no-show in their space at the Southern Farm Show in Raleigh, NC.
    Last edited by HayDR; 01-29-2008 at 07:00 PM.

  2. #2
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    Default Re: Farmtrac Closes Their Doors!

    The Daily Southerner, Tarboro, NC - Farmtrac tries to regroup

    Farmtrac tries to regroup
    Workers put on hold

    Bob Benedetti
    Staff Writer


    It was a dark, damp day outside Thursday, one whose chill cut to the bone. Inside Farmtrac corporate headquarters on 111 Fairview St. in Tarboro some of that same chill existed, as leadership told employees Thursday that operations were temporarily being shut down.

    Vice President and Chief Financial Officer of Farmtrac North America Alton Cobb Jr. confirmed that employees were being sent home for about two to three weeks "while we get some clarity" on the outcome of approximately 180 workers employed by the tractor production firm.
    With the company for more than two decades, Cobb described the closing as a needed step to complete negotiations with "another firm or firms."
    Cobb stated that Farmtrac officials are "having conversations" with undisclosed prospective firms in an effort to "reorganize and restructure" due to the "lean season" the company has experienced.
    When asked whether the organization had its sights set on items such as buyout packages or relocation. Cobb said "it's too early" in the process to discuss possible workforce separations and was adamant that "relocation makes no logical or financial sense."
    "These things go in cycles," explained Farmtrac North America Head of Marketing Shenu Agarwal, referring to periodic mergers and acquisitions between corporations, sometimes even competitors in the same industry.
    In a matter-of-fact voice, Cobb gave a personal anecdotal of Agarwal痴 statement, "We've had three ownerships since I致e been here."
    Agarwal and Cobb figure that most of Farmtrac's staff has a 10-plus year tenure, and have already been part of previous workforce changes.
    Even if workers are familiar with the ebb and flow of financial and transactional components of the business, the timing may have caught a few off guard. When asked how long employees were aware of shutdown possibilities, Agarwal and Cobb gave no reply.
    Neither did workers who were asked on the company premises.
    Cobb confirmed that workers are eligible apply for unemployment benefits at the local Employment Security Commission. He also stated that although no further production will take place until further notice, the shipping, support and service components of Farmtrac will continue to operate all on a voluntary basis.
    "We intend to continue serving our customers," Agarwal said. "And because of the commitment of our employees, we'll be able to do it."
    Approximately 40 employees have expressed willingness to voluntarily give a hand.
    "They show they're willing to do what it takes," said Agarwal.
    Originated by William "Bill" Long exactly 60 years ago under the name Long Manufacturing, the Tarboro-based farm equipment maker established contracts with numerous major companies, including Ford, by the mid 1950s and opened satellite stores in Iowa, Pennsylvania, Tennessee, Georgia and Washington state. It began importing tractors from Brasov, Romania-based Uzina Tractorul Brasov (UTB) and filed for bankruptcy in 1985, but returned by 1987 after reorganization. In 1998, Long Agribusiness was purchased by the Escorts Group of Faridabad, India; a leading engineering conglomerate that focuses on agri-machinery, construction and material handling equipment, railway equipment and auto components.
    The Long name was dropped in favor of the Farmtrac brand.

    In an undated article from Farmtrac's Web site, it states that $10 million of upgrades and expansions of the manufacturing facilities since mid-2004 is an effort to triple its output capacity. Other tractor companies that have production facilities on U.S. soil include John Deere, New Holland, AGCO and kubota.
    On Jan. 1, 2006, a posting on AllBusiness.com mentioned Springdale, Ark.-based Montana Tractors had "recently announced the purchase of 80 acres of land in Tarboro, which will be used to increase strategic distribution of Montana's products" as part of a plan to expand its dealer network.
    The site continued to explain that Montana Tractors made "another move" in the company's long-range growth strategy: a "letter of intent to purchase a minority stake in Beaver Creek Holdings, LLC, which holds 51 percent of Farmtrac stock." Montana Tractors' three owners J.B. Hunt, Charlie Goforth and Dan Downing said the purchase fits into their plans "for the company to be one of the top five tractor suppliers in the U.S. ... by the year 2010."
    A news release on Farmtrac.com dated April 20, 2006, discussed the Montana Tractor effort, stating that the Farmtrac board of directors has "turned down a share acquisition bid by Montana Tractors. The Escorts Group and Farmtrac are here for the long haul."
    In a Dec. 10, 2007 Web site posting from Ytmag.com, an antique tractor firm called Yesterday's Tractor Company, it mentions a link between Montana and Farmtrac. "Today, Montana tractors owns stock in Farmtrac/Escorts. Farmtrac is in control but Montana is in the picture."

  3. #3
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    Default Re: Farmtrac Closes Their Doors!

    Mark you may want to look at the post I put up "farmtrac troubles" and read through it, Tim C. sheds some light on the situation from there...it will be interesting to see how it all plays out.
    GreenSouth Equipment
    14 locations throughout FL, GA, & SC
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    Default Re: Farmtrac Closes Their Doors!

    Guys, someone is editing my post and has deleted one or two. Sorry if my answers and insight are not liked here. If you have a direct question I will try to answer it.

    New here and seems I don't understand the rules for correcting information that is in error.

    I love the way you can go back and remove things. It is like they never were said.

    Tim

  5. #5
    Super Member Robert_in_NY's Avatar
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    Default Re: Farmtrac Closes Their Doors!

    Quote Originally Posted by Tim C.
    Guys, someone is editing my post and has deleted one or two. Sorry if my answers and insight are not liked here. If you have a direct question I will try to answer it.

    New here and seems I don't understand the rules for correcting information that is in error.

    Tim
    There is no problem with making a post with information you think is correct. If your post are being deleted chances are you are either being very rude, vulgar or are violating some of the other rules that all TBN members are required to follow. If you do not know the rules you should read them (not that very many people take the time to anyway )

    Also, I do not know the particulars of this situation but from all the time Mark has been on here I have come to learn that he does not post rumors unless there is some fact behind them. Usually what he tells us is true.


    God must love stupid people; He made so many

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    Default Re: Farmtrac Closes Their Doors!

    Sorry, no bad language. Outside of taking his post apart, maybe somewhat more forceful than someone liked, I have not insulted anyone except to say get the facts correct. I listed his comments and listed the truth beside them. Since they are gone I can't prove it. So, as the new guy I get to be the bad guy. I did print off his comments before he deleted them. I also have a copy of my replies.

    Maybe this one will stay, maybe not.

    Email works. trcook@hughes.net

    Tim

  7. #7
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    Default Re: Farmtrac Closes Their Doors!

    Quote Originally Posted by Tim C.
    Sorry, no bad language. Outside of taking his post apart, maybe somewhat more forceful than someone liked, I have not insulted anyone except to say get the facts correct. I listed his comments and listed the truth beside them. Since they are gone I can't prove it. So, as the new guy I get to be the bad guy. I did print off his comments before he deleted them. I also have a copy of my replies.

    Maybe this one will stay, maybe not.

    Email works. trcook@hughes.net

    Tim
    You are not the bad guy just the most informed guy on this subject.
    Mark Carter

  8. #8
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    Default Re: Farmtrac Closes Their Doors!

    The gloom and doom headlines have hit TBN, thought stuff like this was mostly from CNN and other news sources. Bad news sells papers and air time.

    Yep, I own a Farmtrac and I am happy with it. I talked to my dealer and he says we'll wait and see what happens to Farmtrac. I know I'll have service available from him, so that doesn't concern me. If Farmtrac doesn't get acquired by someone and actually does close, and I need warranty work then I pay for it. So be it.
    I think someone will come in and acquire the company and life will go on.

    Mark

  9. #9
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    Default Re: Farmtrac Closes Their Doors!

    There will be some deals out there because other MFG's will unload their Farmtrac trade-ins. I talked to 3 dealers today that had used Farmtrac tractors in stock and all 3 was sending them to an auction instead of retailing them.
    News is news use it to you advantage.

  10. #10
    Veteran Member bluechip's Avatar
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    Default Re: Farmtrac Closes Their Doors!

    If 40 people are working, even on a "volunteer" basis, then it is not totally true that they have closed their doors (unless they volunteers are working outside).. My thinking is these people (the volunteers) wouldn't bother if they didnt see some reasonable possibility of a future with the company. No doubt there are talks and negotions taking place. We will know more soon.

    I'm not ready to write them off yet, they may just pull through. In the mean time, I am willing to make some great deals on some brand new FARMTRAC tractors that I have in stock!

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