ARGO SpA
ARGO is a family-owned Italian holding company focused on agricultural machinery, including tractors and combine harvesters.
Last updated August 31, 2026
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Overview
ARGO SpA is a privately held Italian holding company associated with the Morra family and headquartered in Fabbrico, in the Emilia-Romagna region. Founded by Valerio Morra in 1980 after his acquisition of MBS SpA, the company developed through a series of purchases and investments in established agricultural-machinery businesses. Rather than being defined by a single consumer-facing product, ARGO has functioned as an industrial group assembling tractor, harvesting, and specialist-equipment activities under a portfolio of machinery brands. The group’s expansion began with the acquisition of Pegoraro SpA in 1987. In 1989, ARGO acquired a controlling stake in Landini from Massey Ferguson, later increasing its holding and eventually acquiring the remaining interest that was held by AGCO in 2000. Landini became one of the central tractor businesses within the group. ARGO broadened its tractor activities in 1995 through the purchase of Valpadana SpA, a company associated with compact and specialist tractors. A further expansion phase took place in 2000, when ARGO acquired S.E.P. SpA and Laverda from CNH Global. S.E.P. was associated with small and specialist tractors and related equipment, while Laverda produced combine harvesters and hay equipment. In 2001, ARGO acquired the McCormick Tractors name and tractor factory in Doncaster, England. The transaction followed the merger of Case IH and Fiat’s New Holland agricultural businesses into CNH Global; regulatory remedies connected with that merger required certain assets and operations to be divested. The group later changed the ownership structure of its harvesting activities. In 2007, ARGO sold half of Laverda to AGCO. AGCO acquired the remaining half in late 2010 or early 2011, and the transaction also brought Fella-Werke into AGCO’s ownership. This marked a significant reduction in ARGO’s direct involvement with the Laverda harvesting business, while the group’s historical portfolio continued to be associated with tractor and agricultural-equipment brands such as Landini, McCormick Tractors, Valpadana, S.E.P., Pegoraro, and Laverda. ARGO’s business identity is therefore best understood as that of an agricultural-machinery holding company rather than a conventional standalone product brand. Its activities have centered on acquiring, developing, and coordinating specialist manufacturers with established engineering capabilities and dealer or market identities. The group’s portfolio has covered agricultural tractors, compact and specialty tractors, combine harvesters, hay equipment, and related implements. Publicly available reference material identifies the company as family-owned and Italian-based, but does not provide sufficient current detail to establish a complete list of present subsidiaries, markets, executives, financial results, or current ownership percentages.
History
ARGO SpA was established in 1980 by Valerio Morra following his purchase of MBS SpA. The company’s subsequent development followed an acquisition-led model, using ownership of established agricultural-equipment manufacturers and brands to build a broader industrial portfolio. In 1987, ARGO expanded into additional agricultural machinery through its acquisition of Pegoraro SpA of Vicenza. Two years later, in 1989, it purchased 66 percent of Landini from Massey Ferguson. Landini was an important addition because of its established position in tractor manufacturing. ARGO increased its ownership in Landini in 1994 and acquired the final 9 percent held by AGCO in 2000, giving it complete ownership according to the cited historical account. ARGO continued to broaden its tractor operations in 1995 through the acquisition of Valpadana SpA. Valpadana was associated with smaller and specialist tractors, complementing the larger tractor activities connected with Landini. In 2000, ARGO acquired S.E.P. SpA and Laverda from CNH Global. S.E.P. produced small, specialist tractors and equipment, while Laverda was active in combine harvesters and hay equipment. These transactions gave ARGO a stronger presence across both tractor and harvesting categories. In 2001, ARGO acquired the McCormick Tractors name and a tractor factory in Doncaster, England. The acquisition was connected with the structural changes following the merger of Case IH and Fiat’s New Holland agricultural operations into CNH Global. Regulatory authorities required certain factories and businesses to be sold after reviewing the merger, and the divestments included Laverda from Fiat and McCormick Tractors International from Case IH. ARGO’s purchase of the McCormick name and Doncaster operation extended its portfolio beyond Italy and added another internationally recognized tractor identity. The ownership of Laverda changed during the following decade. In 2007, ARGO sold a 50 percent stake in Laverda to AGCO. AGCO acquired the remaining 50 percent in late 2010 or early 2011. The latter transaction also resulted in AGCO acquiring Fella-Werke. Consequently, Laverda’s harvesting activities passed out of ARGO ownership, representing a major portfolio change after a decade in which the company had controlled the brand. Across this period, ARGO’s strategy was characterized by the assembly of complementary agricultural-machinery businesses rather than the consolidation of every activity under one consumer brand. The group’s historical portfolio included Landini and McCormick tractors, Valpadana and S.E.P. specialist machinery, Pegoraro implements, and Laverda harvesters and hay equipment. The available reference material does not establish a full current corporate structure or provide enough information to describe present-day operations, leadership, revenue, workforce, or geographic sales markets in detail. ARGO is nevertheless identified as a family-owned Italian holding company based in Fabbrico and focused on agricultural machinery.
- 2010
AGCO moves toward full Laverda ownership
[1]AGCO acquires the remaining Laverda stake in late 2010 or early 2011, also acquiring Fella-Werke.
- 2007
Partial sale of Laverda
[1]ARGO sells 50 percent of Laverda to AGCO.
- 2001
McCormick Tractors acquisition
[1]ARGO acquires the McCormick Tractors name and a tractor factory in Doncaster, England, in connection with merger-related divestments involving CNH Global.
- 2000
Acquisition of S.E.P. and Laverda
[1]ARGO acquires S.E.P. SpA and Laverda from CNH Global.
- 2000
Full ownership of Landini
[1]ARGO acquires the remaining 9 percent of Landini held by AGCO.
- 1995
Valpadana acquisition
[1]ARGO acquires Valpadana SpA, strengthening its position in compact and specialist tractors.
- 1994
Further Landini ownership
[1]ARGO increases its shareholding in Landini.
- 1989
Controlling stake in Landini
[1]ARGO purchases 66 percent of Landini from Massey Ferguson.
- 1987
Pegoraro acquisition
[1]ARGO acquires Pegoraro SpA of Vicenza, expanding its agricultural-machinery portfolio.
- 1980
ARGO is founded
[1]Valerio Morra establishes ARGO after purchasing MBS SpA.
Products and positioning
A privately held Italian agricultural-machinery group built through the ownership and development of specialist tractor, harvesting, and equipment businesses.
Agricultural tractors
Landini
Landini is the principal tractor business historically associated with ARGO. ARGO acquired a controlling stake from Massey Ferguson in 1989, increased its ownership in 1994, and acquired the remaining AGCO-held interest in 2000. Within the group’s historical portfolio, Landini provided the core full-range tractor identity around which ARGO developed complementary compact, specialist, and implement businesses.
Agricultural tractors
McCormick Tractors
McCormick Tractors became part of ARGO’s historical portfolio in 2001, when ARGO acquired the McCormick Tractors name and a tractor factory in Doncaster, England. The transaction followed regulatory divestments associated with the merger of Case IH and Fiat’s New Holland agricultural businesses. The brand added an established tractor identity and an English manufacturing location to ARGO’s group structure.
Compact and specialty tractors
Valpadana
Valpadana joined ARGO in 1995. Its role in the group was associated with smaller and specialist tractors, giving ARGO coverage of applications that differed from conventional high-power agricultural tractors. Valpadana complemented Landini and the other tractor activities by addressing compact-equipment requirements and specialized operating environments.
Specialty agricultural machinery
S.E.P.
S.E.P. SpA was acquired by ARGO from CNH Global in 2000. The business was associated with small, specialist tractors and agricultural equipment. Its inclusion in the portfolio broadened ARGO’s product coverage beyond mainstream tractor models and supported the group’s strategy of maintaining several specialized machinery businesses.
Combine harvesters and hay equipment
Laverda
Laverda was acquired by ARGO from CNH Global in 2000 and represented the group’s principal harvesting-equipment activity. The business manufactured combine harvesters and hay equipment. ARGO sold 50 percent of Laverda to AGCO in 2007, and AGCO acquired the remaining interest in late 2010 or early 2011, so Laverda is a historical rather than a confirmed current ARGO business.
Agricultural implements
Pegoraro
Pegoraro SpA joined ARGO in 1987 through an acquisition of the Vicenza-based company. It represented the implement and related agricultural-equipment side of ARGO’s historical portfolio, complementing the group’s tractor and harvesting businesses.
Brand decisions
2007
Sell half of Laverda to AGCOM&ABackground
ARGO adjusted the ownership structure of its harvesting-equipment activities.
Action taken
ARGO sold a 50 percent interest in Laverda to AGCO.
Aftermath
AGCO later acquired the remaining Laverda interest in late 2010 or early 2011, ending ARGO’s ownership of the harvesting business.
2001
Acquire McCormick Tractors operationsM&ABackground
The merger of Case IH and Fiat’s New Holland agricultural businesses into CNH Global led regulators to require the divestment of certain factories and businesses.
Action taken
ARGO acquired the McCormick Tractors name and a tractor factory in Doncaster, England.
Aftermath
The transaction added the McCormick tractor identity and an English manufacturing operation to ARGO’s historical group.
2000
Acquire S.E.P. and LaverdaM&ABackground
ARGO sought to broaden its agricultural-machinery portfolio beyond its existing tractor businesses.
Action taken
ARGO acquired S.E.P. SpA and Laverda from CNH Global.
Aftermath
The acquisitions added specialist tractors and equipment through S.E.P. and combine harvesters and hay equipment through Laverda.
1989
Acquire a controlling stake in LandiniM&ABackground
ARGO was expanding its agricultural-machinery holdings and sought a major tractor business with an established operating history.
Action taken
The company purchased 66 percent of Landini from Massey Ferguson and later increased its ownership.
Aftermath
Landini became a central tractor business within ARGO’s portfolio; ARGO acquired the remaining AGCO-held 9 percent in 2000.
Sources2 sources
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