KARACHI, Oct 20: A new industrial collaboration agreement (ICA) was signed here on Monday between Al-Ghazi Tractors, a company of Al-Futtaim Group of Dubai and CNH, manufacturers of Fiat tractors.

The agreement was signed by CNH vice-president Gerard Chiffert and Al-Ghazi Tractors chairman Keith S. Stack at a ceremony held to celebrate company’s 20th anniversary.

A press release said the association between Al-Ghazi Tractors and Fiat Trattori, now CNH goes back to two decades when the two firms entered into ICA for manufacture of Fiat tractors models $480-S and 640 in Pakistan.

In May 1998, Fiat/CNH increased their shareholding in Al-Ghazi to 43 per cent, thus becoming a major shareholder of the company whose management rests with Al-Futtaim Group which holds the majority shares.

Speaking on the occasion the chief executive officer of Al-Ghazi Tractors, Pervez Ali, said his company has been continuously ranked among the top companies by Karachi Stock Exchange since 1994 and has been receiving the “Corporate Excellent Award” instituted by Management Association of Pakistan since 1995.