According to a May 1 SEC filing, AGCO has terminated its commercial relationships with Indian tractor manufacturer Tractors and Farm Equipment Limited (“TAFE”). During 2023, AGCO said it purchased approximately $171.6 million of tractors and components from TAFE and sold approximately $3.6 million of parts to TAFE.
AGCO currently owns 21% of outstanding shares of TAFE, while TAFE and its affiliates own approximately 16% of outstanding AGCO shares. These ownerships will not be impacted by the termination.
In November 2020, TAFE filed a report with the SEC requesting that AGCO separate the positions of CEO and Chairman of the Board "to better fulfill the board’s duty of oversight of the company." AGCO later said the filing from TAFE as containing "a number of misleading statements."
TAFE announced May 2 it had obtained a status quo order from an Indian court against AGCO to "protect against unilateral and arbitrary action by AGCO with respect to the longstanding agreement and rights to the Massey Ferguson (MF) brand."
TAFE and AGCO have been in partnership for 64 years on the Massey Ferguson brand.
ATAFE spokesperson said, “Our lawsuit seeks to enjoin AGCO from interfering in any manner with TAFE’s right to use the brand Massey Ferguson and we are pleased that the court has granted a favorable status quo order.”
Ag Equipment Intelligence has reached out to AGCO for commentary and will update this story with any statement it receives.
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