DULUTH, Ga /PRNewswire/ -- AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, today issued the following statement in response to the letter issued by Tractors and Farm Equipment Limited ("TAFE"):
TAFE's interests are fundamentally misaligned with AGCO shareholders, and its letter today is just the latest tactic in its ongoing, self-serving campaign. In fact, TAFE's letter was issued shortly after (i) AGCO prevailed at the Indian Supreme Court against TAFE's efforts to avoid arbitrating one of its commercial disputes, and (ii) AGCO's immediate termination of TAFE's right to use the Massey Ferguson trademark and distribute Massey Ferguson products in India and other countries following TAFE's inappropriate and unauthorized actions.
AGCO's Board of Directors, which has been meaningfully refreshed in recent years, is overseeing management's successful execution of the Company's transformation and strategic plan, which resulted in record full-year net sales and adjusted operating margins in 2023, outperforming the global market. AGCO is also on track to deliver structurally higher adjusted operating margins compared to prior industry downturns.
AGCO's Board of Directors and management team remain committed to acting in the best interests of all AGCO shareholders.
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