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Agco: Cyber ​​Attack deals massive damage

Agricultural engineer Agco presented solid quarterly data last week. The stock therefore reacted with a significant increase in price. However, the rally faded relatively quickly. In addition to the continued weakness of the market in general, the share is also burdened by a hacker attack.

So it should be strong dpa At the headquarters of the Fendt branch in the Allgäu, the production lines have been shut down since Monday after a cyber attack. Agco had already announced on Friday that Thursday’s attack with some kind of blackmail software hit several production sites, without providing further details.

According to the company, Fendt employs around 4,300 people in Marktoberdorf. Other factories are located in Wolfenbüttel in Lower Saxony, Hohenmölsen (Saxony-Anhalt), Feucht, Asbach-Bäumenheim and Waldstetten (all in Bavaria).

According to Agco, “it can now be assumed that commercial operations will be affected for several days and possibly longer before all services can be fully resumed.”

The duration of the outages depends on how quickly “the software can be successfully reinstalled and IT operations restored at affected locations.”

It is currently difficult to estimate the extent of the operational damage caused by the hacker attack. However, the market appears to have digested the crash. The stock is up again nearly a percentage point today ahead of the market. Investors stay on board. The newcomers are awaiting the company’s next updates on the cyber attack.

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