TAFE (Tractors and Farm Equipment Ltd) has acquired Serbian tractor and agriculture equipment manufacturer IMT (Industrija Masina i Traktora). The Indian company was reportedly the only bidder for the IMT production facilities, equipment and brand, acquiring the bankrupt Belgrade-based manufacturer for the bargain price of around €600,000.
Up until 2015, IMT made ploughs, trailers, maize planters, seed drills and cultivators, but was best known for its tractors (35 to 220hp), which were popular in eastern Europe, northern Africa and the Balkans. The acquisition gives TAFE the right to use the IMT brand and all designs and trademarks, and we understand the plan is to produce 5,000 IMT tractors in the next five years, possibly from a new location. “This acquisition will play a key role in TAFE’s strategic and growth plans for the future,” said TAFE chairman & CEO Mallika Srinivasan.
With factories in India, China and Turkey, TAFE is the world’s third largest tractor manufacturer by volume. Making tractors up to 100hp under several brands including MF, TAFE and Eicher, each year the company sells over 150,000 units (domestic and international) and has a 25% share of the Indian tractor market. The company has a long 55-year history with the Massey Ferguson brand, and more recently has become a significant shareholder in AGCO.
