AGCO has terminated its commercial relationships with Indian tractor manufacturer Tractors and Farm Equipment Limited (TAFE), according to a May 1 SEC filing.
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.
Indian tractor manufacturer TAFE (Tractors and Farm Equipment Limited) has announced an investment in a new research & development center, TAFE Advanced AG Solutions, in Telford, UK.
AGCO additionally appointed a new Lead Independent Director, Mike Arnold, to demonstrate the Board’s commitment to "strong independent oversight, the rotation of Board leadership roles and the adoption of term limits for Board leadership positions."
According to a report from Bizjournals, India-based Tractors and Farm Equipment Limited (TAFE), which owns a 16% stake in AGCO, 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."
In the year that Escorts, the Indian tractor and construction machinery business, finished paying off historical debts to a former supplier, the group saw revenues climb 23.5% above the prior 12 month period.
Tractors and Farmer Equipment, TAFE, one of India’s largest tractor makers has acquired Serbian tractor maker IMT (Industrija Masina i Traktora). IMT manufactures equipment between 35-220 horsepower and the brand is well established in Eastern Europe, Northern Africa and the Balkans.
The CEO of India's second largest tractor manufacturer, TAFE (Tractor and Farm Equipment), who is AGCO's largest shareholder, has reached an agreement with AGCO
The CEO of India’s second largest tractor manufacturer, TAFE (Tractor and Farm Equipment Ltd.), who is AGCO’s largest shareholder, has reached an agreement with AGCO that would limit her stake in the world’s third largest ag equipment maker.
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The announcement of a partnership between New Holland and Bluewhite was one of the big precision stories of the summer. West Coast New Holland dealers now have the rights to sell, distribute and service Bluewhite’s aftermarket autonomy kits.