DANBURY, Conn, October 26, 2015 – Praxair, Inc. (NYSE: PX) today announced that Martin H. Richenhagen, chairman, president and CEO of AGCO Corporation (NYSE: AGCO), has been elected to the Praxair board of directors.
With 2014 net sales of $9.7 billion, AGCO is a global leader in the design, manufacture and distribution of agricultural equipment.
"Martin is a highly regarded CEO who brings a wealth of global manufacturing and leadership experience to the table, and we are very pleased to welcome him to our board,” said Steve Angel, Praxair's chairman and CEO. “Over the past two decades, Martin has held a variety of key executive roles in the manufacturing industry and has a successful track record in driving productivity, growth and financial discipline. We look forward to the unique insight and experience he will add to our board.”
Richenhagen was named president and chief executive officer of AGCO Corporation in 2004 and was appointed chairman in 2006, where he continues to serve on the Executive Committee and Succession Planning Committee.
Previously, Richenhagen served as executive vice president at Forbo International SA, a leading global manufacturing firm headquartered in Switzerland. He also served as group president for CLAAS KgaA mbH, a global manufacturer of agricultural equipment headquartered in Germany. Prior to 1995, Richenhagen was senior executive vice president of Field Operations for Schindler Holding GmbH, also in Germany.
Throughout his career, Richenhagen has held numerous executive positions and managing directorships with responsibility for sales, marketing, human resources management, acquisitions, joint ventures, logistics, materials purchase, inventory management and competitor intelligence.
He is currently a board member for PPG Industries, a leading coatings and specialty products and services company, where he sits on the Audit and the Technology & Environment Committees. From 2006 through to 2007, until its sale to Freeport-McMoRan Copper & Gold Inc., Richenhagen served as a board member for the Phelps Dodge Corporation. He has also served as chairman of the board of the Association of Equipment Manufacturers (AEM) and is a life honorary director of the AEM.
Richenhagen graduated from the University of Bonn and in 2008 was appointed honorary professor to the faculty of agricultural machinery at the TU Dresden, Dresden University of Technology.
Praxair, Inc., a Fortune 250 company with 2014 sales of $12.3 billion, is the largest industrial gases company in North and South America and one of the largest worldwide. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Praxair products, services and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, primary metals and many others. More information about Praxair, Inc. is available at www.praxair.com.