India: AGCO Corporation, a global leader in agricultural machinery and precision agriculture technology, announced on Monday that it has immediately terminated its agreements with India-based Tractors and Farm Equipment Limited (TAFE). These include the Massey Ferguson brand license agreement, the distributor agreement for India, Nepal, and Bhutan, and the intellectual property license agreement covering India, Nepal, Sri Lanka, Bangladesh, and Bhutan. AGCO took this action due to TAFE’s activities, which it believes violated the terms of these agreements.
“AGCO has also initiated legal proceedings in India regarding TAFE’s use of the Massey Ferguson brand following the termination notices. As a result, TAFE is no longer an authorised licensee, distributor, seller, or user of Massey Ferguson products in the mentioned regions,” the farm machinery giant said.
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“This immediate termination is separate from the notices AGCO served on TAFE in April 2024, which involved the at-will termination of certain commercial agreements. Despite these developments, AGCO remains committed to India as a key market for agriculture. It looks forward to continuing its partnership with farmers to grow the Massey Ferguson brand,” the American tractor company said in a statement.
AGCO delivers exceptional value to farmers and OEM customers through its diverse brand portfolio, which includes leading names like Fendt, GSI, Massey Ferguson, PTx, and Valtra. Offering a full range of equipment, smart farming solutions, and services, AGCO helps farmers sustainably feed the world. Since its founding in 1990, the company, headquartered in Duluth, Georgia, USA, achieved net sales of around US$14.4 billion in 2023.
(The story is based on a press release from AGCO Corporation)
