The company has dipped in and
out of problems in recent months because of slumps in the world
tractor market, and the 1,800 workforce has been on short time.
Last year the spectre of
closure at the plant was raised when AGCO chairman Robert Ratliff
warned that the company could pull out of Britain if it stayed out of
the Euro.
Massey Ferguson 4200 tractors
are sold throughout the world, and more than 90 per cent of Banner
Lane's production is exported globally each year.
But today’s announcement
signals fresh confidence that the strength of the Massey Ferguson
range will lead the company to better times if the product is
improved.
John Lee, AGCO's Plant
Director, said:
"This is exceptionally
good news for Banner Lane and represents a vote of confidence both
in our workforce and the world class products that we make
here"
"The best way of
reacting to market conditions like this is to produce machinery that
people really want to buy around the world.
“That's what we are good
at doing. When market conditions improve we will be ready to
benefit."
