Industry Automotive Successor LucasVarity plc Defunct 1996 | Fate Merged Founded 1986 | |
Headquarters Toronto Canada and later Buffalo, New York United States | ||
Varity was a former farm equipment company, created in 1986 from the remains of Massey-Ferguson Limited of Toronto, Ontario. Varity also owned Perkins Engines headquartered in Peterborough England and Kelsey-Hayes headquartered in Romulus, Michigan. In 1991, the company officially moved to Buffalo (Williams-Butler House at 672 Delaware Avenue in the Millionaire Row area of Buffalo) and ceased to be a Canadian corporation.
In 1994, in a deal worth three hundred and ten million dollars in cash and stock, the farm equipment divisions of Varity were sold to the US-based AGCO Corporation who continue to use Massey-Ferguson as a product line.
In August 1996, the remaining electrical, brake and Diesel engine divisions of Varity merged with Birmingham UK based Lucas Industries plc (Automotive & Aerospace) to become British-based LucasVarity.
In 1998, following the LucasVarity merger, Perkins Engines, was sold to Caterpillar Inc.
In March 1999, LucasVarity was purchased by US automotive company TRW.
Massey-Ferguson exists today as the brand name within the AGCO Corporation of Duluth, Georgia, USA.