XCMG

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XCMG Group
Type State-owned limited company
Traded as XCMG Construction Machinery Co. Ltd. (000425.SZ)[1]
Industry Heavy equipment
Founded 1989 (1989) (Xuzhou)[2]
Headquarters Xuzhou, Jiangsu, People's Republic of China
Area served Worldwide
Products Construction equipment
Cranes
Revenue US$13.8 billion (2011)[3]
Website www.xcmg.com/en-us/

XCMG Group is a Chinese multinational heavy machinery manufacturing company headquartered in Xuzhou, Jiangsu. At present, it ranks 5th in world construction machinery industry, 122nd among Top 500 Chinese enterprises, 49th among Top 100 enterprises in Chinese manufacturing industry, and 2nd among Top 100 enterprises in Chinese machine-building industry, being a large enterprise group with the largest scale, the most complete product type and series, and the highest competitiveness and influence in Chinese construction machinery industry.[4]

XCMG is a state-owned company and was founded in 1989. Its subsidiary XCMG Construction Machinery Co. Ltd. is listed on the Shenzhen Stock Exchange.

Name[edit]

The name "XCMG" is an acronym of "Xuzhou Construction Machinery Group".[5]

History[edit]

1989 to 2011[edit]

XCMG was founded in Xuzhou in March 1989 as Xugong Construction Machinery Science & Technology.[2][6]

XCMG formed a joint-venture with Caterpillar Inc. in 1995, Caterpillar Xuzhou Ltd., with the companies subsequently jointly building a 170,000 square metre excavator plant in Xuzhou.[7] In the same year, XCMG and Liebherr Group signed a licensing agreement allowing XCMG to manufacture three models of Liebherr all-terrain cranes, including the six-axle LTM 1160 160t AT.[7] XCMG's subsidiary Xugong Science & Technology Co. Ltd. (later renamed XCMG Construction Machinery Co. Ltd.) listed on the Shenzhen Stock Exchange in August 1996.[8]

In October 2005 the U.S.-based private equity firm Carlyle Group agreed to acquire 85 per cent of XCMG for US$375 million. The transaction was subsequently blocked by the Chinese government.[9]

In 2010 XCMG signed an agreement with the Chinese oil company Sinopec to jointly develop crawler cranes.[10] In May 2010 XCMG established a new wholly owned subsidiary focused on the railway equipment market, XCMG Railway Equipment Co. Ltd., with a plan to invest RMB 450 billion in production capacity and capital reserves.[11] In June 2010, XCMG agreed to sell its remaining 15.87 per cent stake in Caterpillar Xuzhou Ltd. to Caterpillar.[12]

2011 to present[edit]

In April 2011 XCMG signed an agreement with the Venezuelan government to establish a construction equipment manufacturing joint-venture company in Venezuela.[13] In October 2011 XCMG Construction Machinery was forced to abandon a planned US$1.5 billion initial public offering on the Hong Kong Stock Exchange as a result of market conditions.[14]

In February 2012 XCMG began manufacturing an 88,000 tonne-metre rated lattice boom crawler crane with a 3,600 tonne capacity, intended for use in the construction of power generation plants and petrochemical facilities.[10] XCMG agreed to acquire a majority stake in the privately owned German machinery manufacturer Schwing for an undisclosed amount in April 2012.[5][15] The acquisition of a 52 per cent stake was completed in July 2012.[16]

In June 2012 XCMG completed the construction of new facilities in Xuzhou for the manufacture of all-terrain cranes, wheeled loaders, concrete pumps and other concrete machinery.[17] The facilities were built at a cost of US$1.9 billion, occupy around 2 million square metres, and have the capacity to build 5,000 large and medium capacity cranes, 40,000 wheeled loaders and 20,000 units of concrete machinery annually.[17]

XCMG began construction of a 16,400 square meter research and development facility in Krefeld, Germany in July 2012.[18]

In October 2012, the world's largest all-terrain crane QAY1600 made its grand debut. (Product segment)

In December 2012, XCMG achieved operating income of 101.2 billion yuan, becoming the industry's first enterprise that had an operating income exceeding 100 billion yuan.

In July 2013, XCMG's four thousand-ton crane won its first battle of pilot run, and the total weight of lifting reached 1,680 tons.[19]

Products[edit]

An XCMG compactor

XCMG's products include:[20]

  • aerial platform fire trucks;
  • aerial work platforms;
  • asphalt concrete pavers;
  • backhoe loaders;
  • bulldozers;
  • compactors;
  • compact wheel loaders;
  • concrete mixers;
  • concrete pumps;
  • crawler cranes;
  • excavators;
  • heavy trucks;
  • hooklifts;
  • rotary drilling rigs;
  • soil stabilizers;
  • tippers;
  • truck mounted cranes; and
  • wheel loaders.

See also[edit]

References[edit]

  1. ^ Reuters retrieved 8 March 2012
  2. ^ a b "About Us". XCMG Group. Retrieved 8 March 2012. 
  3. ^ "Analysis: China's budding Caterpillars break new ground overseas". Reuters. 8 March 2012. Retrieved 8 March 2012. 
  4. ^ http://en.xcmg.com/about/companyprofile.htm
  5. ^ a b "China's XCMG buys majority of Germany's Schwing". Reuters. 19 April 2012. Retrieved 25 April 2012. 
  6. ^ "Manchester United, Sany, XCMG, Citic Securities, Hongguo line up for IPO parade". The Australian. 7 September 2011. Retrieved 8 March 2012. 
  7. ^ a b "The sleeping giant stirs". Cranes Today. Retrieved 8 March 2012. 
  8. ^ Pennington, Michael (2006). China Stock Directory. SinoMedia (Holdings) Co. Ltd. p. 570. ISBN 978-988-98254-2-3. Retrieved 8 March 2012. 
  9. ^ "China's Xugong says Carlyle investment deal dead". Reuters. 22 July 2008. Retrieved 8 March 2012. 
  10. ^ a b "XCMG building 3,600 tonne crawler crane". International Cranes and Specialised Transport. 13 February 2012. Retrieved 8 March 2012. 
  11. ^ "XCMG Establishes Railway Equipment Subsidiary". Business China. 7 May 2010. Retrieved 8 March 2012. 
  12. ^ "Caterpillar to buyout Caterpillar Xuzhou". China Knowledge. 29 June 2010. Retrieved 8 March 2012. 
  13. ^ "Venezuela and China Chart the Road to Strategic Collaboration". Hamsayeh. 27 April 2011. Retrieved 8 March 2012. 
  14. ^ "Demise of China's XCMG deal exposes rifts, rivalries". Reuters. 2 October 2011. Retrieved 8 March 2012. 
  15. ^ "Chinese giant XCMG takes German Schwing". Construction Week Online. 24 April 2012. Retrieved 25 April 2012. 
  16. ^ "XCMG: Acquisition of a 52% Stake in Schwing Completed". China Scope Financial. 9 July 2012. Retrieved 11 July 2012. 
  17. ^ a b "XCMG expands capacity with four new manufacturing bases". China Construction Machinery Business Online. 28 June 2012. Retrieved 11 July 2012. 
  18. ^ "Groundbreaking ceremony for XCMG Europe". China Construction Machinery Business Online. 7 July 2012. Retrieved 11 July 2012. 
  19. ^ http://en.xcmg.com/about/history.htm
  20. ^ "Products". XCMG Group. Retrieved 8 March 2012. 

External links[edit]