XCMG Held a Foundation Laying Ceremony in Krefeld, Germany

On 6 July XCMG held a foundation laying ceremony in Krefeld, Germany, for the Chinese crane and construction equipment manufacturer's new European headquarters. The 16,400 square metre site is the basis of an investment of more than Euro 36 million (US$ 38 million). Starting in July 2013 XCMG Europe will be a platform and an incubation centre of top talent in hydraulic transmissions and complete machine technology, XCMG said. Wang Min, XCMG president, said that the European strategy is of great significance in terms of the overall objectives and strategy of XCMG. Germany and Europe are home to abundant technological resources that represent the state-of-the-art R&D and manufacturing in the world, Wang Min continued. Attendees at the ceremony included: Zhu Min, acting Mayor of Xuzhou, China; Gregor kathsteds, mayor of Krefeld; Garrelt Duin, minister of economy, trade and handicrafts in Nordrhein-Westfalen; Wang Xiting, deputy consul-general of the Chinese Consulate General in Frankfurt; Wang Min, president of XCMG, project members of XCMG Europe, and components suppliers. The history of the Main Engine Company of XCMG starts in 1943 while XCMG as it is today was established in 1989. In the ensuing 23 years XCMG has been China's largest manufacturer of construction equipment. XCMG revenue in 2011 was RMB 87 billion ($ 14 billion) while exports were $ 1.086 billion of that. It claims the largest market share in China and says its sales of truck cranes and large tonnage road rollers are the highest in the world. In China there are more than 300 distributors and another 200 elsewhere in the world. By 2015 XCMG forecasts that it will have more than tripled its overall sales target to reach reached RMB 300 billion ($ 47 billion). Source: khl