AGCO, a global leader in agricultural machinery and precision ag technology, has announced the immediate termination of several agreements with Tractors and Farm Equipment Limited (TAFE). These include: (i) the Massey Ferguson brand license agreement with TAFE, (ii) a distributor agreement covering India, Nepal, and Bhutan, and (iii) an intellectual property license agreement for India, Nepal, Sri Lanka, Bangladesh, and Bhutan. AGCO cited unauthorized actions by TAFE that allegedly breached these agreements as the reason for the termination.
In response, AGCO has initiated legal proceedings in India against TAFE concerning the continued use of the Massey Ferguson brand. As a result, TAFE is no longer authorized to license, distribute, or sell Massey Ferguson products in the affected regions.
This termination is separate from the notices AGCO issued to TAFE in April 2024, regarding the at-will termination of other commercial agreements.
Despite these developments, AGCO reiterated its commitment to India as a key agricultural market and its dedication to supporting farmers in growing the respected Massey Ferguson brand.
About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers value to farmers and OEM customers through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO’s full line of equipment, smart farming solutions and services helps farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $14.4 billion in 2023. For more information,
