Overseas demand for its higher-horsepower Versatile tractors has led Winnipeg farm equipment maker Buhler Industries to triple its net profit for the fiscal year ending Sept. 30.
Buhler, now majority-owned by Russian combine manufacturer Rostselmash, on Tuesday posted net profit of $21.9 million on $219 million in revenue, up from $6.9 million on $166.2 million in the previous year.
“The stability of the Canadian dollar and increasing demand for high-horsepower tractors in overseas markets had a positive impact on revenue,” the company said Tuesday.
The company recently undertook an aggressive rebranding campaign for its tractor manufacturing division, branding all its tractor production under the Versatile name.
Buhler’s various divisions, including Farm King, Allied and Inland, make various ag implements such as tractors, front-end loaders, augers, snowblowers, hay handling equipment and other tools at factories in Winnipeg, Morden, Man. and Fargo, N.D. It also operates eight warehouses in Canada and the U.S. and now markets into the former Soviet Union through Rostselmash’s dealer network.