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.
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."
Farm tractor makers, Kubota, Mahindra and TAFE, best known for their proficiency in producing tractors on the lower end of the horsepower range, are obviously not satisfied with their slice of the tractor and ag equipment market.
Indian tractor and farm equipment maker, TAFE, has passed the $1 billion mark in worldwide sales. AGCO Corp., the third largest farm equipment maker in the world, holds a 25% stake in TAFE.
Built on 90 years of expertise, Yetter Farm Equipment leads the agriculture industry in designing effective and innovative equipment for residue management, seedbed preparation, precision fertilizer placement, harvest attachments, strip-tillage, and more.
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