Valtra Reaches 1000th CVT Transmission Milestone
AGCO’s Valtra brand has announced a production milestone at its Suolahti, Finland, factory with the completion of the 1000th AGCO continuously variable transmission (CVT).
Key terms mean all commercial agreements will cease, with agreed wind-down provisions.
Ownership of the “MF” brand will rest with TAFE on an exclusive basis in India, Nepal and Bhutan.
In addition, TAFE has agreed to participate in future share repurchase programs that AGCO executes but retains the right to maintain but not exceed its current ownership level of 16.3%.
TAFE will no longer be entitled to nominate a representative to the AGCO board of directors and AGCO’s director on TAFE’s board will step down.
TAFE will also repurchase AGCO’s current shareholding in TAFE for an aggregate amount of $260m.
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