SHANGHAI, Dec 26 - Chinese regulators have approved heavy machinery maker Sany Heavy Industry Co's plans to build a 100 million euro ($140 million) research and manufacturing facility in Germany, a government website said.
Sany, whose competitors include Changsha Zoomlion, said in September that it planned a 3,000 unit-per-year construction machinery plant in Cologne to supply the European market.
The facility's annual sales are forecast at 350 million euros, with gross profit of 48.02 million euros, it said. It did not specify when production would begin.
The government statement, posted on the website of the National Development and Reform Commission, China's top economic planning agency, gave no details about the project.
Sany is among the growing ranks of Chinese machinery makers building up a presence overseas in hopes of eventually competing with global leaders such as Caterpillar Inc. .
It has unveiled plans to build a $100 million U.S. plant near Atlanta to assemble concrete mixers, which would make it the first Chinese machinery maker to set up shop in the North American market.
Zoomlion won a joint bid with Goldman Sachs and two other investors earlier this year to buy Italy's Compagnia Italiana Forme Acciaio SpA, or Cifa.
Zoomlion President Jianguo Zhang told Reuters in November that the company had held talks on possible asset purchases in the United States although it did not expect to complete any deals next year.(Reuters)
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