Tractors and Farm Equipment Ltd TAFE has acquired Serbian brand IMT - Industrija Masina i Traktora for an "undisclosed sum".
IMT, an iconic tractor brand, pioneer in farm mechanisation and tractor technology with a wide range of tractors suitable for cultivating agricultural land, vineyards, orachards, city-headquartered TAFE said in a statement.
IMT produces a range of tractors between 35hp and 220 hp and is a popular tractor brand in Eastern Europe, Northern Africa and the Balkans.
TAFE, prior acquisition had a long association with IMT for many decades through business cooperation involved in supply of components, aggregates and technical support.
"Through this acquisition, TAFE acquires the right to use the brand and the Intellectual Property Rights, including designs, trademarks and copyright of IMT", the statement said.
Stating that the TAFE and IMT have "shared a long and mutually beneficial cooperation", TAFE, Chairman and CEO, Mallika Srinivasan said the acquisition will play a key role in TAFE's strategic and growth plans for the future.
TAFE will support the local partner with supply of components and aggregates for the rollout of IMT tractors in Serbia and allied markets, it added.
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