Millat Tractors Limited (MTL), a Pakistani tractor manufacturer, has inked an agreement with Massey Ferguson Corp (MFC) and AGCO Limited, the owner of the Massey Ferguson brand, to export Millat-branded tractors directly to Africa.
The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“Millat Tractors Limited (MTL) has entered into an agreement with Massey Ferguson Corp. (MFC) and AGCO Limited, the owner of MF brand and a leading global manufacturer and distributor of agricultural equipment, whereby MTL has been assigned the African Territory for export of Millat Tractors.
“Under this agreement, MTL will export its tractors to Africa directly under its own trade mark, thereby expanding its international footprint and contributing to Pakistan’s export growth.
“This is in addition to MF-branded tractors being exported to Africa and rest of the world through AGCO Corporation, USA.
This collaboration is expected to greatly enhance MTL’s presence in the African region and strengthen its long-term business prospects globally.
Last month, the company’s management in its corporate briefing session shared that with sales to Afghanistan hampered by political instability, MTL was exploring new markets, including Mexico, Africa and Sri Lanka, to sustain and expand its overseas presence.
Millat Tractors Limited is a public limited company incorporated in Pakistan in 1964. MTL is engaged in the manufacturing and sale of internationally acclaimed tractors, diesel generating sets and prime movers, diesel engines and forklift trucks.
MTL is also involved in the sale, implementation and support of Industrial and Financial System (IFS) applications locally and abroad. As of June 30, 2024, the company has an annual capacity of 30,000 tractors per annum on a double-shift basis.
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