Allied Products Corp. said it has acquired White Farm Equipment Co., a manufacturer of agricultural equipment currently in bankruptcy proceedings.
Allied has issued $17 million of a new series of variable-rate non-convertible preferred stock to purchase substantially all of the operating assets of suburban Oak Brook, Ill.-based White Farm.
It's the third acquisition of a financially depressed farm equipment manufacturer by Allied in the past 24 months, company President Richard A. Drexler said.
The company bought Kewanee Farm Equipment Co. in late 1983 and New Idea Farm Equipment in 1984, he said.
"Our current plans call for the continued production of tractors in White's plant in Charles City, Iowa, but we will explore other options," Drexler said.