The Purchaser is a corporation duly incorporated under the laws of the Country of Russia which prior to completion of the Acquisition held 20,100,700 Buhler Industries Shares representing approximately 80.4% of the total issued and outstanding Buhler Industries Shares.

Following the completion of the Acquisition, the Purchaser now holds 24,184,586 Buhler Industries Shares representing approximately 96.7% of the total issued and outstanding Buhler Industries Shares.

The purpose of the Acquisition was for investment purposes. The Purchase (or the directors and officers of Buhler Industries who are also directors, officers, and shareholders of the Purchaser) may acquire, directly or indirectly, additional securities of Buhler Industries from time to time depending on market conditions.

Source: Rostselmash

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The net loss for the quarter was $5.5 million, compared with $4.4 million for the same period in 2019. The decline in income from operations due to the decreased margin and gain on disposal of assets was offset by decreased interest expense and research and development costs as well as increases in gain on foreign exchange.

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Under the terms of this long term agreement, Buhler Industries will manufacture this tractor at the factory in Winnipeg, Manitoba. This will enhance the product line currently offered by Kubota as the largest tractor available. This will increase overall production at the Versatile facility at 1260 Clarence Avenue in Winnipeg which will reduce overhead and increase efficiency.

“This agreement is exciting for both companies,” explained Grant Adolph, Chief Operating Officer of Buhler Industries. “The Versatile brand has a global reputation in agriculture for building high horsepower tractors that are reliable and well-built. As Kubota Corporation expands their presence in the farm machinery industry, these brand qualities are in line with their core values.”

Adolph continued, “The result of this agreement is an increase in production at the factory in Winnipeg which will bring additional stability to the supply chain and employees. Buhler Industries is committed to continuous quality and efficiency improvements.”

Development of this new tractor platform began nearly five years ago and production will begin immediately.

Buhler Industries Inc. (TSX: BUI) designs, manufactures and distributes agricultural equipment. The products are marketed under the brand names Versatile® and Farm King. Buhler Industries Inc. operates seven modern manufacturing and nine distribution centers totaling over 1.7 million square feet of facilities in the United States and Canada and employs more than 1000 people.

Source: Buhler Industries

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This new arrangement enables Kubota to add tractors in a horsepower range greater than that of the currently largest 170-horsepower line to accelerate its large tractor business in the North American market.

These new large tractors have been customized exclusively for Kubota through the company’s engineering expertise for ease of operation and functional design. The tractors will be launched in the United States and Canada in the second half of 2019 as Kubota continues its strategy to penetrate the North America large tractor market.

Source: Kubota news

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