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Sep. 30, 2024 Source: AGCO news release India - AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, today announced the company has delivered termination notices, with immediate effect, of its: (i) Massey Ferguson brand license agreement with Tractors and Farm Equipment Limited (TAFE); (ii) a distributor agreement with TAFE for the markets of India, Nepal and Bhutan; and (iii) an intellectual property license agreement with TAFE for the markets of India, Nepal, Sri Lanka, Bangladesh and Bhutan. These terminations follow inappropriate and unauthorized actions taken by TAFE that the company believes breached the various agreements. AGCO also has commenced legal proceedings against TAFE in India related to the use of the Massey Ferguson brand following delivery of these termination notices. As a result of these notices, TAFE is no longer an approved licensee / user / distributor / seller, as the case may be, for AGCO's Massey Ferguson brand or Massey Ferguson products for trade in India, Nepal, Sri Lanka, Bangladesh and Bhutan. This termination (with immediate effect) is in addition to and distinct from the termination notices AGCO served on TAFE in April 2024 regarding the at-will termination of certain commercial agreements. India remains an important market for the future of agriculture, and AGCO is committed to partnering with farmers to grow the respected Massey Ferguson brand. Learn more about AGCO and Massey Ferguson in India here. 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, visit www.agcocorp.com. For company news, information, and events, please follow us on X: @AGCOCorp. For financial news on X, please follow the hashtag #AGCOIR. Tweet |
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