Today, TAFE announced that it has submitted a 14a-8 shareholder proposal for inclusion in the Company’s proxy statement for its 2025 Annual Meeting of Shareholders to request that the Company adopt a policy requiring that AGCO’s Chair of the Board of Directors (the “Board”) be an independent director.
AGCO has terminated its commercial relationships with Indian tractor manufacturer Tractors and Farm Equipment Limited (TAFE), according to a May 1 SEC filing.
During 2023, AGCO said it purchased approximately $171.6 million of tractors and components from TAFE and sold approximately $3.6 million of parts to TAFE.
Indian tractor manufacturer TAFE (Tractors and Farm Equipment Limited) has announced an investment in a new research & development center, TAFE Advanced AG Solutions, in Telford, UK.
AGCO additionally appointed a new Lead Independent Director, Mike Arnold, to demonstrate the Board’s commitment to "strong independent oversight, the rotation of Board leadership roles and the adoption of term limits for Board leadership positions."
According to a report from Bizjournals, India-based Tractors and Farm Equipment Limited (TAFE), which owns a 16% stake in AGCO, filed a report with the SEC requesting that AGCO separate the positions of CEO and Chairman of the Board "to better fulfill the board’s duty of oversight of the company."
In the year that Escorts, the Indian tractor and construction machinery business, finished paying off historical debts to a former supplier, the group saw revenues climb 23.5% above the prior 12 month period.
Tractors and Farmer Equipment, TAFE, one of India’s largest tractor makers has acquired Serbian tractor maker IMT (Industrija Masina i Traktora). IMT manufactures equipment between 35-220 horsepower and the brand is well established in Eastern Europe, Northern Africa and the Balkans.
Each monthly issue of Ag Equipment Intelligence is like getting one-on-one personal advice from the world's most trusted ag equipment industry experts. Advice that hasn't been watered down or distorted by outside influence, providing the latest and most insightful farm equipment analysis. AEI explores where the ag equipment industry is going — not just where it's been. No filler. No bias. No conflict of interest. You can access the PDF issue archive by clicking here.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.