Chinese equipment manufacturer XCMG has closed its deal to acquire a majority shareholding in Schwing Group, producer of Schwing concrete pumps and Stetter batching plants and mix trucks.
XCMG has completed the acquisition of 52% of the holding rights of Schwing.
Spreaking at a ceremony in Germany to mark the transfer, Wang Min, president of XCMG said that the two sides will work together to reshape the global industry of concrete machinery.
This will facilitate XCMG transforming itself from a China-focused manufacturer to “a world-class enterprise of construction and machinery”.
Schwing’s original management team and teams of technology, R&D and manufacturing will remain largely intact, “so as to ensure its stable transition and development,” said Min.
Min described the cooperation between XCMG and Schwing as “of historic significance”, outlining plans for cooperation worth $1.6bn.
XCMG will focus on the international market for middle and high-end complete sets of concrete equipment, said Min.
