CEO Yury Ryananov says, "We continued to follow our long term strategy in 2014, working on developing and expanding our Versatile dealer network to carry the full line of products, including tractors, tillage and seeding equipment, as well as sprayers and combines."
He says the short-line brand strategy for Farm King is to focus on dealer growth in the U.S. while working with existing dealers to increase their sales.
More than 20 new dealers were signed to the Versatile line in 2014.
Sales revenues for the year were down 4 percent on 2013 at C$325.5 million but were still the third highest in the company’s history, emphasizes Dmitry Lyubimov, president of Buhler Industries.
Net profit was C$12.5 million, down C$7.4 million from the prior year, but still the fourth highest annual profit.
He adds, despite an efficient business model and a very good start at the beginning of the fiscal year, the ag market downturn affected Buhler’s sales as well as its competitors, with decreased demand for farm equipment in the U.S. and Canada causing a significant drop in orders.
Agricultural Manufacturers of Canada