CHENNAI, April 3, 2018 /PRNewswire/ --
TAFE - the world's third largest tractor manufacturer by volume, successfully acquired the renowned Serbian tractor and agriculture equipment brand IMT - Industrija Masina i Traktora.
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IMT, an iconic tractor brand is a pioneer in farm mechanization and tractor technology with a wide range of implements and tractors suitable for cultivating agricultural land, vineyards and orchards, and for infrastructure applications. The implements range includes ploughs, trailers, maize planters, seed drills, cultivators and loader forklifts.
Well known for its indigenous R&D, IMT produced a range of tractors between 35 hp and 220 hp and is a popular tractor brand in Eastern Europe, Northern Africa and the Balkans.
TAFE's has had a long association with IMT spanning many decades through business cooperation that involved the supply of components, aggregates and technical support. TAFE will support its local partner with supply of components and aggregates for the rollout of IMT tractors in Serbia and allied markets.
Through this acquisition, TAFE acquires the right to use the Brand and Intellectual Property Rights, including the Designs, Trademarks and Copyright (IPR) of IMT.
Ms. Mallika Srinivasan - Chairman & CEO, TAFE, speaking on this recent acquisition said, "TAFE and IMT have shared a long mutually beneficial cooperation. This acquisition will play a key role in TAFE's strategic and growth plans for the future."
About TAFE:
The world's third largest tractor manufacturer and second largest in India by volumes with an annual sale of over 150,000 tractors, TAFE - Tractors and Farm Equipment Limited is one of the leading exporters of tractors from India with a turnover in excess of INR 93 billion. TAFE manufactures a range of tractors in the sub 100 hp segment in both, the air-cooled and water-cooled platforms and markets them under its three iconic brands - Massey Ferguson, TAFE and Eicher. It has an over 1000 strong distribution network that covers the entire length and breadth of India. Apart from India, its products have found excellent acceptance in over 100 countries across the world, including developed countries in Europe and the Americas.
Besides tractors and farm machinery, TAFE manufactures Diesel engines, silent gensets, batteries, hydraulic pumps and cylinders, gears and transmission components, and has business interest in vehicle franchises and plantations. TAFE is committed to the Total Quality Movement (TQM) and three of its tractor plants are certified under ISO 9001 and ISO 14001.
Media Contact:
Sunitha Subramaniyam
[email protected]
+91-4466919163
Head - TAFE Corporate Communications
Tractors and Farm Equipment Limited
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