China’s XCMG sells out
- Publishing Date
- 08 Jun 2010 12:27pm GMT
- Author
- Mining Magazine
Loading & Hauling
The agreement was signed between China North Industries and the government of Jiangsu province where XCMG is located. China North Industries will invest US$2.2 billion between 2011 and 2015 to build research and production bases for construction machinery and vehicles, optoelectronics and chemical engineering.
Mr Xu Xingyue, industry analyst at Greatwall Securities, said the acquisition will turn XCMG which is a local state owned enterprise into a central government led SOE, providing the company with sufficient funds for future development.
XCMG makes a variety of construction machinery including front end loaders, bulldozers, graders, excavators, cranes and fire fighting vehicles. In the meantime, XCMG is selling its Caterpillar joint venture assets for US$91.9 million as the 16 year cooperation comes to an end.
A spokesman for XCMG said earlier they had been scouting for a strategic investor after the Carlyle Group deal failed.
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