TAFE acquires Serbian tractor maker IMT

Tractors and Farm Equipment Ltd (TAFE) today said it has acquired Serbian tractor and agriculture equipment brand IMT - Industrija Masina i Traktora.

The size of the deal was however not disclosed.

TAFE has had a long association with IMT, which has a range of tractors between 35 hp and 210 hp and is a popular brand in eastern Europe, northern Africa and the Balkans, the company said in a statement.

Spanning across many decades, the two firms had business cooperation that involved supply of components, aggregates and technical support, it added.

"TAFE and IMT have shared a long mutually beneficial cooperation. This acquisition will play a key role in TAFE's strategic and growth plans for the future," TAFE Chairman & CEO Mallika Srinivasan said.

Through this deal, TAFE acquires the right to use the brand and intellectual property rights, including designs, trademarks and copyright of IMT, the statement added.

"TAFE will support its local partner with supply of components and aggregates for the rollout of IMT tractors in Serbia and allied markets," it added. IMT has a wide range of implements and tractors suitable for cultivating agricultural land, vineyards and orchards and used for infrastructure applications.