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This paper assesses the agricultural equipment industry through the perspective of the three leading firms in the United States. It reviews the salient events of the 1990s and relates the business environment to the firms' financial performance. It then assesses the factors likely to impact performance in the future, drawing on lessons from historical performance and on new environmental factors. The firms' capital market valuations appear consistent with the expectation that farm equipment firms will resume growth after the farm recession.


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