TAFE, the world’s third largest tractor manufacturer by volume, has acquired the well-known Serbian tractor and agriculture equipment brand IMT (Industrija Masina i Traktora). Renowned for its indigenous R&D, IMT produces a range of tractors between 35hp and 220hp and is a popular tractor brand in Eastern Europe, Northern Africa and the Balkans.
IMT is a pioneer in farm mechanisation and tractor technology with a wide range of implements and tractors suitable for cultivating agricultural land, vineyards, orchards and used for infrastructure applications. The implements range includes ploughs, trailers, maize planters, seed drills, cultivators and loader forklifts.
TAFE has had a longstanding association with IMT through business cooperation involving 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.
Commenting on the acquisition, Mallika Srinivasan, chairman and CEO, TAFE, 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. “
TAFE, the second largest tractor maker in India by volumes with an annual sale of over 150,000 tractors, is one of the leading exporters of tractors from India with a turnover in excess of Rs 9,300 crore. TAFE manufactures a range of tractors in the sub-100hp segment in both air-cooled and water-cooled platforms and markets them under its three brands – Massey Ferguson, TAFE and Eicher – and has an over-1,000 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. Three of TAFE’s tractor plants are certified under ISO 9001 and ISO 14001.