- Highlights TAFE’s integral role in building the Massey Ferguson
brand in India over the last six decades
- Believes AGCO’s recent attempt to terminate TAFE’s right to use
the Massey Ferguson brand in India violates the interim status quo
order of the Commercial Court in Chennai
- Questions the timing of AGCO’s decision to terminate its
long-standing partnership with TAFE after TAFE raised concerns
regarding AGCO’s strategy and performance in its capacity as a
long-term, strategic shareholder
Tractors and Farm Equipment Limited (“TAFE” or “we”) today
announced that it has filed a contempt petition against AGCO
Corporation (NYSE: AGCO) (“AGCO” or the “Company”) for violating an
interim status quo order from the Commercial Court in Chennai by
attempting to terminate TAFE’s right to use the Massey Ferguson
brand in India. TAFE’s case regarding its ownership of the Massey
Ferguson brand is ongoing in the Madras High Court.
In connection with the legal action against AGCO, TAFE issued
the following statement:
“Since our inception in 1960, TAFE has produced, built, and
nurtured the Massey Ferguson brand, which today offers a wide
product portfolio of more than 500 models in India on the back of
strong, indigenous research and development and quality control. We
produce more than 100,000 Massey Ferguson tractors in India each
year and serve in excess of three million customers. TAFE and
Massey Ferguson are synonymous in India.
TAFE is the second-largest producer of tractors in India and the
third-largest producer in the world, having established a
reputation for reliable quality, which has helped us win the trust
of farmers in India and in over 80 international markets. A strong
distribution network of more than 2,000 dealers supports TAFE’s
four iconic tractor brands – Massey Ferguson, TAFE, Eicher
Tractors, and IMT. We have earned innumerable accolades for
performance and parts supply from customers, industry bodies,
media, and governments, including winning international recognition
for quality and customer satisfaction.
TAFE’s products are India-centric in design, are distinctly
different from AGCO’s products, and are ideally suited for small
and medium-sized farmers in India and across the world. Our
ownership of the Massey Ferguson brand is evidenced by the fact
that for the last six decades, AGCO’s global brand website made no
mention of Massey Ferguson in the context of India, Nepal, and
Bhutan, with the Company having ceded the entire territory to TAFE
since our takeover of Massey Ferguson India in 1960.
Prior to this year, we have enjoyed a successful, long-standing
partnership with AGCO. We acquired a shareholding in AGCO in 2012
and have grown to become the Company’s single-largest shareholder
with a long-term, strategic focus, thus strengthening the
collaborative relationship between our companies. For more than a
decade, we have signed ‘Letter Agreements’ that have assured AGCO
of our steady support.
Unfortunately, AGCO has ignored issues that we have repeatedly
called attention to, including flaws regarding the Company’s
governance, wholly inadequate engagement with shareholders, and
financial and operational underperformance in key areas. Rather
than address these matters, AGCO has instead sought to stifle
TAFE’s ability to seek changes through contentious and ill-advised
moves with respect to brand usage – an area that has been
uncontested and resulted in a fruitful partnership for nearly 65
years.”
About TAFE
TAFE TRACTORS is the signature brand of TAFE - Tractors and Farm
Equipment Limited, an Indian tractor major incorporated in 1960 in
Chennai, India, with an annual turnover exceeding $1.6 billion. As
one of the largest tractor manufacturers in the world and the
second-largest in India by volume, TAFE sells over 180,000 tractors
annually.
TAFE has earned the trust of customers through its range of
products, which are widely acclaimed for their quality and low cost
of operation. A strong distribution network of over 2,000 dealers
effectively supports TAFE’s four iconic tractor brands - Massey
Ferguson, TAFE, Eicher Tractors, and IMT. TAFE exports tractors to
more than 80 countries, powering farms in Asia, Africa, Europe, the
Americas, and Russia.
Beyond tractors, TAFE and its subsidiaries have diversified
business interests in areas such as farm machinery, diesel engines
and gensets, agro-industrial engines, engineering plastics, gears
and transmission components, hydraulic pumps and cylinders, vehicle
franchises, and plantations.
TAFE is committed to Total Quality Management (TQM). In recent
years, various manufacturing plants of TAFE have garnered numerous
‘TPM Excellence’ awards from the Japan Institute of Plant
Maintenance (JIPM), along with several regional awards for TPM
excellence. At the ITOTY 2024, TAFE – Massey Ferguson MF 8055 was
awarded the best tractor for commercial application and MF6028
Maxpro won the best orchard tractor. In 2023, TAFE won the ‘Launch
of the Year’ award for its Eicher PRIMA G3 range of tractors, in
addition to three other prestigious awards, including ‘Best CSR
Initiative’ for JFarm Services, at the 4th edition of the Indian
Tractor of the Year (ITOTY) Awards 2023. It was also presented the
Top Exporter Award from the Commissioner of Customs.
TAFE’s JRehab won the ‘Best Private Employer Award’ for the
‘Welfare of Differently-Abled Persons’ from the Tamil Nadu
Government in August 2022. TAFE’s Madurai plant, Doddaballapur
plant, and the JRehab Centre also won multiple gold awards at the
Central Convention for Quality Concepts 2019, reflecting their
unmatched commitment to quality. Strict adherence to safety
standards led TAFE’s Sembiam plant to win four awards at the Safety
Awards 2019, presented by the Directorate of Industrial Safety and
Health, Government of Tamil Nadu. The ‘Unnatha Suraksha Puraskara’
Safety Award 2019 was also awarded to the TAFE Doddaballapur plant
by the National Safety Council.
In 2018, TAFE became the first Indian tractor manufacturer to
win the Frost & Sullivan Global Manufacturing Leadership Award,
being recognized with the ‘Enterprise Integration and Technology
Leadership’ award, as well as two ‘Supply Chain Leadership’ awards.
In recognition of its outstanding contribution to engineering
exports, TAFE has been named the ‘Star Performer - Large Enterprise
(Agricultural Tractors)’ by the Engineering Exports Promotion
Council of India - Southern Region for the 23rd consecutive
time.
TAFE's tractor plants are certified under international
standards ISO 9001 for efficient quality management systems and ISO
14001 for environmentally friendly operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241001348321/en/
Sunitha Subramaniyan, TAFE Chief Communications Officer:
sunitha@tafe.com
Christopher Charles, Predict PR: charles@predictpr.com
Charlotte Kiaie, Longacre Square Partners:
TAFE@longacresquare.com
AGCO (NYSE:AGCO)
過去 株価チャート
から 10 2024 まで 11 2024
AGCO (NYSE:AGCO)
過去 株価チャート
から 11 2023 まで 11 2024
