Ransomware hits global farm machinery giant AGCO

US agricultural machinery maker AGCO is the latest highprofile organization to fall victim to ransomware, which it says affects operations at some of its worldwide production facilities. AGCO put out a short statement on its website disclosing the ransomware attack, and confirmed it continues to impact some of production facilities. The company is currently investigating the extent of the attack, but expects business operations would be adversely affected for at least several days. AGCO reported net sales for the first quarter of 2022 of $2.7 billion, an increase of nearly 13 percent compared to the first quarter of 2021. Prior to the ransomware attack, AGCO raised the full-year outlook for net sales and net income per share, declared a special dividend of $4.50 per share payable in June, and said it had increased quarterly dividend payouts by 20 percent.

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