It is with great pleasure that we congratulate MTL on its achievement in developing Emission Compliant Engines and the launch of tractor models for export.
AGCO is proud to have MTL as its licensee partner for the production of our company's renowned Massey Ferguson-branded tractors. Together, our combined enterprise has created a highly successful licensee operation forged over more than 50 years.
Since 1964, some 600,000 MF tractors have been produced in Pakistan. Now 2017 also see another milestone with the 25th anniversary of the opening of the new MTL production plant in Lahore.
Notably, MTL achieves more than 60% market share in its domestic markets one of the most impressive performances for Massy Ferguson tractors anywhere in the world.
This is an ideal springboard for our joint collaboration in exporting from Pakistan. Now, with the achievement of certification for MTL's three-and four-cylinder engines towards emission compliance with Euro Stage IIIA and Stage II standards respectively, there is even a greater opportunity to grow the export business in further markets which are subject to emission limits. This builds on the successful launch in 2015 of tractor exports to Africa through AGCO.
We would like to thank all our customers for their loyalty and confidence in Millat-produced Massey Ferguson tractors. Furthermore, we congratulate MTL, its employees, vendors and dealers for achieving both the sales performance and the significant advances in engine technology which has enabled our two companies to grow both inside and outside Pakistan. We look forward to our future collaboration.
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