A history of success
Versatile was the first company to mass-produce articulated four-wheel drive tractors, starting in 1966 with the D100 and G100 four-wheel drives.Those ground breaking tractors were primitive by modern standards, with a 6-cylinder diesel or 8-cylinder gas engine producing 100 horsepower. 1966 models sold for less than $10,000.
In the 1970’s, four-wheel drive demand increased significantly with Versatile becoming a leader in four-wheel drive development and production. By the late 1970’s the Versatile lineup included tractors ranging from 220 to 330 horsepower. With the 1980’s came an expanded line of four-wheel drive tractors that stretched to 470 horsepower in the Versatile 1150. In 1987, Versatile was acquired by FordNew Holland and by 1989 the four-wheel drive tractors assembled at the Winnipeg factory were painted in the Ford colors,blue, black and white, and carried the Ford Versatile name. Production of blue four-wheel drive tractors under the New Holland name continued until 2000.
Buhler Industries Inc., a Canadian-owned farm equipment manufacturer, purchased the Winnipeg production facility from New Holland in 2000. Buhler continued to build the Genesis 2WD/FWD tractor and the 2000 Series four-wheel drive and in 2004 launched the High Horsepower Tractor Series. With 435, 485 and 535 horsepower,it was the most powerful four-wheel drive tractor available in North America.
Buhler celebrated 40 Years of Versatile tractor production in 2006 and commemorated 50,000 Versatile-built four-wheel drives in late 2007. At the same time, Combine Factory Rostselmash Ltd., a Russian combine manufacturer, purchased 80% of the common shares of Buhler Industries Inc. At the North American dealer meeting in 2008, the company announced the return of Versatile branded tractors.The reputation of Versatile continues today,known worldwide for reliability, durability and ease of service and maintenance.
MANAGEMENT DISCUSSION & FINANCIAL ANALYSIS
Certain statements made in the following Management’s Discussion and Analysis contain forward-looking statements including, but not limited to, statements concerning possible or assumed future results of operations of Buhler Industries Inc. (the Company).Forward-looking statements represent the Company’s intentions, plans, expectations and beliefs, and are not guarantees of future performance. Such forward-looking statements represent the Company’s current views based on information as at the date of this report. They involve risks, uncertainties and assumptions and the Company’s actual results could differ, which in some cases may be material, from those anticipated in these forward-looking statements. Unless otherwise required by applicable securities law, the Company disclaims any intention or obligation to publicly update or revise this information,whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance upon forward-looking statements.
Company Overview
The Company is headquartered in Winnipeg, Manitoba,Canada. Established in 1932 as an agricultural equipment manufacturer, the original company was purchased by John Buhler in 1969. Through expansion, new products and acquisitions, the Company has added many brands:Farm King, Ezee-On, Allied, Inland and Versatile. Today the Company operates several modern manufacturing plants and distribution centers. Factories in Morden and Winnipeg (Manitoba), Vegreville (Alberta) and Willmar (Minnesota) build tractors, augers, snow blowers,mowers, tillage equipment, compact implements and more. In addition, the Company maintains several well-stocked parts warehouses.
In 2007, Combine Factory Rostselmash Ltd, a major combine manufacturer located in Rostov-on-Don, Russia,acquired 80% of the common shares of the Company.The Company continues to grow with additional investment in engineering, research and development and production. The dealer/distribution network in North America remains steady, however the Rostselmash network adds more than 200 dealers in Russia, Ukraine and Kazakhstan that provides for additional sales growth into the future.
Buhler Industries remains committed to continuous product improvement and incorporating new value-added features. That tradition of excellence will continue well into the future.