Overview
Millat Tractor Limited, the country’s largest agricultural machinery producer, has shut down operations, citing a drop in demand and cash flow constraints.
The corporation has declared a production reduction beginning January 6 and lasting until further notice.
History Of Millat Tractor
Millat Tractors was started in 1964 in Lahore as Rana Tractor and Equipment Limited to import and market Massey Ferguson tractors.
In 1965, facilities in Karachi were established to manufacture tractors from semi-knocked-down kits. Operations were relocated from Karachi to Lahore in 1967.
Products
- Diesel Engines
- Agricultural Tractors
- Diesel Generating Sets and Prime Movers
- Agricultural Implements
- Forklift Trucks, under license from Anhui Heli Forklift Trucks China
Reason for Suspension Millat Tractor
The company’s stock was trading at Rs. 553.01 at the time of filing, down Rs. 17.63 or 3.09 percent. Kohinoor Spinning Mills Limited chose to suspend production last month due to the continued economic downturn, while Attock Refinery Limited temporarily closed its main processing unit.
Similarly, several other automakers are experiencing NPDs as a result of inventory shortages and a major demand drop. The government promised Pakistanis a better year in terms of economic progress, but recent developments in the industrial sector suggest otherwise.
