The Yugoslavian Industry of Machines and Tractors (IMT) began licensed production of MF tractors with the TE20 model in 1956. In 1961, the IMT 533, based on the MF 35, entered production. The agreement with MF ended in 1968, but the manufacturing of existing models continued, and MF's influence was also visible in later models. The engines used were Perkins engines manufactured under license. The smallest models, the 528 and 530, had a version converted to 2 cylinders. At least in the Eastern European markets, IMT was known early on as ITM.

The engine of the IMT 533 was a 2.36-liter based on the Perkins P3. It had 6+2 gears, and technically in other respects corresponded to the MF 35. In 1971, the model designation added "De Luxe," whose main significance was the dual clutch. In 1980, alongside it was introduced the more powerful 539, which had a 2.5-liter M 33/T engine based on the Perkins A3.152.

IMT exports were quite extensive even to Western countries. Different safety cabins were installed in different countries. In Finland, the IMT 533/539 became known mainly from news footage showing Yugoslavs evacuating their families and belongings with IMTs equipped with rear loaders or trailers. IMT exports were interrupted from 1993 to 1998. After that, the 539 P was introduced alongside the traditionally styled models, featuring angular bodywork. It is also available with a synchronized 12+4 transmission, hydrostatic steering, and as a four-wheel drive model.

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