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 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.
Farm tractor makers, Kubota, Mahindra and TAFE, best known for their proficiency in producing tractors on the lower end of the horsepower range, are obviously not satisfied with their slice of the tractor and ag equipment market.
Each monthly issue of Ag Equipment Intelligence is like getting one-on-one personal advice from the world's most trusted ag equipment industry experts. Advice that hasn't been watered down or distorted by outside influence, providing the latest and most insightful farm equipment analysis. AEI explores where the ag equipment industry is going — not just where it's been. No filler. No bias. No conflict of interest. You can access the PDF issue archive by clicking here.
In this episode of On the Record, we take a look at the most recent push for right to repair, this time at the federal level. In the Technology Corner, Mackane Vogel shows us some new tech he recently encountered from Solinftec.