TaFE would be exempt from the restrictions of the agreement with AGCO if AGCO publicly announced a review of its strategic alternatives, which includes a possible sale of all or substantially all of the company, or if a person submitted a takeover bid for AGCO. Since the settlement with AGCO and as of October 3, TAFE has invested an additional $44 million in AGCO shares and remains the company`s largest shareholder. Greg Peterson Vice President, Investor Relations (770) 232-8229 greg.peterson@agcocorp.com The newspaper reported that under the agreement, ES TAFE is authorized to make a non-public offer to AGCO Chairman Martin Richenhagen and AGCO`s Board of Directors “to acquire all or a portion of the issuer [AGCO] or to propose any other similar strategic transaction that would result in a change of control of the issuer.” According to a report of 3. In September in the Atlanta Business Chronicle, AGCO held about 8 million shares, or 8.6% of AGCO`s shares, on August 29 when it struck a deal with Mallika Srinivasan, CEO of TAFE. As part of the transaction, TAFE, Srinivasan and their affiliates have agreed not to increase their holdings beyond 12.5% of AGCO. The CEO of India`s second largest tractor manufacturer, TAFE (Tractor and Farm Equipment Ltd.), AGCO`s largest shareholder, has reached an agreement with AGCO that would limit its stake in the world`s third largest agricultural equipment manufacturer. AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural solutions, providing high-tech solutions to farmers who feed the world through its full range of related equipment and services. AGCO products are sold through five main brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® Smart Farming solutions. Founded in 1990 and headquartered in Duluth, Georgia, AGCO generated net sales of $9.1 billion in 2020. For more information, see www.AGCOcorp.com.
For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR. In addition to tractors, TAFE and its subsidiaries have business interests in areas such as agricultural machinery, diesel engines and powertrains, engineering plastics, gear and transmission components, batteries, hydraulic pumps and cylinders, automotive franchises and plantations. Tractor plants are ISO 9001 and ISO 14001 certified for their environmentally friendly operation. In 2008, Business Standard awarded TAFE the “Star Award for Unlisted Companies” and in 2013, the Public Relations Council of India awarded TAFE the “Corporate Citizen of the Year Award”. . These measures were positively perceived by all our shareholders during our recent series of commitments. With respect to our ongoing program to update the Board of Directors and further develop our governance practices, the Board is committed to acting in the best interests of all our shareholders, including TAFE and our independent shareholders, recognizing that the interests of Ms.
Srinivasan and TAFE may differ from those of our independent shareholders. The Board`s implementation of this retraining and corporate governance plan, which includes the active review of the candidates TAFE has identified for review and regular collaboration with Ms. Srinivasan, is underway to ensure that our Board has the appropriate skills, qualifications and independence to serve the interests of all our shareholders. The TAFE plant in Turkey manufactures a range of tractors for distribution in Turkey through AGCO`s dealer network, while another new plant has been built in China to meet TAFE`s global supply needs and the added value of its Indian and global operations. TAFE acquired Eicher`s tractor, transmission and transmission components and engine businesses in 2005 through a wholly-owned subsidiary, TAFE Motors and Tractors Limited (TMTL). With six tractor plants, one engine plant, two transmission and transmission component plants, two engineering plastic units, two hydraulic pump and cylinder systems and one battery factory, TAFE employs more than 2,500 engineers as well as a number of specialists in other disciplines, among other factories. TAFE has a distribution network of more than 1000 dealers who sell its tractor brands – TAFE, IMT and Eicher. TAFE exports tractors and independently for use on farms in more than 100 countries around the world. The Atlanta Business Chronicle noted that in a Sept. 18 report, Fortune magazine called Srinivasan “one of the most powerful women in the Asia-Pacific region.” We remain focused on responding to the changing challenges of the COVID-19 pandemic.
The health, safety and well-being of all AGCO employees, distributors and farmer customers remain AGCO`s top priority, and we are proud of our team`s efforts that have enabled AGCO to support the global food supply chain while protecting our factories and employees. TAFE was named “Best Employer in India 2013” by Aon Hewitt. DULUTH, Ga.–(BUSINESS WIRE)–AGCO, Your Agriculture Company (NYSE: AGCO), a global manufacturer and distributor of agricultural equipment and solutions, today commented in response to Tractors and Farm Equipment Limited`s (“TAFE”) recent Filing of Schedule 13D/A with the Securities and Exchange Commission. TAFE is a business partner of the Company and a shareholder whose President and Chief Executive Officer, Ms. Srinivasan, is a non-independent member of the Company`s Board of Directors. The filing of TaFE`s Schedule 13D/A contains a letter to the Board of Directors making a number of misleading statements about the Company`s activities, ongoing improvements in corporate governance and significant changes to the composition of the Board, calling for the appointment of three persons to the Company`s Board of Directors. The Company announced last Thursday that its Board of Directors has approved a periodic quarterly dividend of $0.11 per common share, which will be paid on December 15, 2014 to all shareholders of record at the close of business on November 14, 2014. The magazine also said that Srinivasan`s long-term strategic alliance with AGCO “has helped TAFE become India`s largest tractor exporter.
The President of India honored her this year with the Padmashri, one of the highest civilian awards, for her contribution to trade and industry. The Board of Directors continues its systematic review, the development and implementation of best-in-class governance practices and a balanced and measured action plan for director renewal, as well as the thoughtful implementation of our recent management succession process. In order to best identify candidates for director positions whose skills and experience align with AGCO`s strategic objectives, the company hired Egon Zehnder, a leading executive search firm. After careful evaluation, the Governance Committee, invited by Ms. Srinivasan, unanimously approved the plan. This process reflects the valuable contributions we have received as part of our broader shareholder engagement efforts and underscores our commitment to creating value for all shareholders. As a result of this plan, the entire board of directors, including ms. TAFE – Tractors and Farm Equipment Limited is an Indian tractor manufacturer founded in Chennai in 1960 with an annual turnover of INR 93 billion (2014-15). TAFE is the third largest tractor manufacturer[1] in the world and the second largest[2] in India by volume and holds a market share of about 25%[3] in the Indian tractor industry with sales of more than 150,000 tractors[4] (domestic and international) per year. TAFE is part of chennai-based Amalgamations Group, one of India`s largest lighting technology groups, which includes 41 companies engaged in the design, development and manufacture of diesel engines, automotive components, light products, plantations and services. .
