The IMT factory was founded in 1947 as the Central Foundry. In 1949, a new company, the Metal Institute, was formed by amalgamating the Central Foundry and four other local companies.
The Metal Institute became the Industry of Machinery and Tractors (IMT) in 1954. The following year, research was conducted on different types of tractors and the Massey Ferguson license was chosen.
In 1959, the factory was reconstructed and production capacities for 4000 tractors a year were built. The factory started production of a tractor of their own design in 1964. In 1988, IMT recorded its largest annual production in history - 42000 tractors and 35000 machines.
Between 1990 and 2000, changing economic circumstances led to significant changes in production. A long-term cooperation was established with the Perkins company, and the first engines complying to the EU 2000/25/EC standards were built in 2005. In 2008, the Serbian Privatization Agency launched a tender process for the sale of IMT. In 2012, IMT introduced a new "S" series of tractors.