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Sany Heavy Industry Co., Ltd.
Company typeLimited company
Sany Heavy Industry Co Ltd (600031.SS)[1]
IndustryHeavy equipment
Founded1989 (1989) (Maotang, Lianyuan, Hunan Province)
FoundersLiang Wengen, Tang Xiuguo, Mao Zhongwu, Yuan Jinhua
Headquarters
Changsha
,
China
Area served
Worldwide
Key people
Xiang Wenbo (CEO)
Products Excavator Machinery

Hoisting Machinery
Concrete Machinery
Port Machinery
Coal Mining Machinery
Pile Driving Machinery
Road Machinery

Wind Power Equipment
RMB 50 billion (2010)[2]
Number of employees
Approximately 90,000[3]
SubsidiariesPutzmeister
Websitewww.sanyglobal.com www.sanygroup.com
Sany
Chinese三一重工股份有限公司
Literal meaningSany Heavy Industry Co., Ltd.
Transcriptions
Standard Mandarin
Hanyu PinyinSānyī Zhònggōng Gǔfènyǒuxiàngōngsī

Sany (officially Sany Heavy Industry Co., Ltd.) (SSE: 600031) is a Chinese multinational heavy machinery manufacturing company headquartered in Changsha, Hunan Province. It is the sixth-largest heavy equipment manufacturer in the world,[4] and the first in its industry in China to enter the FT Global 500[5] and the Forbes Global 2000[6] rankings. Its founder and main shareholder is Liang Wengen.[7]

Sany has a dozen industrial parks in China plus manufacturing facilities in Brazil, Germany, India, Indonesia and in the United States.[8] The company has approximately 90,000 employees worldwide.[9]

Name, logo and motto

The name "Sany" comes from the English pronunciation of the Chinese name of the company (Chinese: 三一; pinyin: Sānyī), which means "three ones", in reference to the three first-class goals the company mentions as its vision: "To build a first-class enterprise, to foster first-class employees, and to make first-class contributions to society". The logo of the company makes reference to this phrase, as it contains three number ones interlinked. Sany's motto and corporate mission is "Quality changes the world".

History

A 2013 SANY SY306C Concrete Mixer Truck
A Putzmeister concrete pump in operation

The origins of Sany lie in Lianyuan Welding Material Ltd, a company founded in 1986 by Liang Wengen, Tang Xiuguo, Mao Zhongwu and Yuan Jinhua, who left their previous jobs and first established the company with a capital of sixty thousand yuans in the town of Maotang, county-level city of Lianyuan.[10]

In 1991 Lianyuan Welding Material Ltd. was officially renamed Sany Group Co., Ltd. and its headquarters were officially moved to Changsha. Since then, the company has experienced continuous rapid growth (at an annualized rate of around 50%), spurred by China's economic boom, specifically growth in its construction sector.

Sany Heavy Industry Co., Ltd was founded in 1994 as a subsidiary of the Sany Group. Sany Heavy Industry went public on the Shanghai Stock Exchange on July 3, 2003. In June 17, 2005, the company conducted the split share structure reform and realized full circulation of its shares. After this event, its market cap started growing at a very fast rate, jumping from a total of RMB 4 million yuan in 2005 up to a total of RMB 137 million yuan in June 2011.[11]

Since its foundation, the headquarters of Sany have received official visits from several political leaders, including Hu Jintao and Wen Jiabao. During his visit on October 3, 2003, said to Sany personnel: “You have made splendid achievements in the past. Hope you unite as one to create a better future!”.[12]

In 2010 the operating income of Sany reached just under 34 billion RMB, a 79% year-on-year increase.[13]

During the 2010 Copiapó mining accident, a crane manufactured by SANY was used in rescuing the Chilean miners.[14] A pump from the company was donated to the Tokyo Electric Power Company to assist with the emergency response to the Fukushima I nuclear accidents.[15]

In 2011, Sany signed several contracts to open new manufacturing centers, the most important of them include the Zhuhai[16] and Lingang New City[17] centers, and the fifth international equipment plant in Indonesia, the latter with an investment of US$200 million.[18]

In January 2012 Sany agreed to acquire a 90 per cent stake in Putzmeister, a Germany-based manufacturer of concrete pumps, for €324 million, with Citic PE Advisors (Hong Kong) Ltd. agreeing to purchase the balance of 10 per cent.[19]

In February 2012, Sany and the Austria-based Palfinger announced a market venture to make and sell mobile cranes, a project with a total investment of $143 million, plus the construction of a sales unit in Salzburg for $5.4 million.[20]

In 2012, through affiliate Ralls Corp., Sany acquired four wind farm projects in Oregon. Later in the year, though, the Obama Administration ordered the wind farms divested after it was determined their location next to the Naval Weapons Systems Training Facility in Boardman, Oregon represented a national security risk. The divestiture—the first of its kind since 1990—was ordered by the US Treasury Department, which chairs the interagency Committee on Foreign Investment.[21]

In 2014, Sany's Huerfano River Wind Farm was acquired by Tamra-Tacoma Capital Partners. The acquisition marked Sany's first partnership with a U.S. mainland investment firm. The wind farm is currently under litigation between Tamra-Tacoma Capital Partners and Sany America. [22]


Operations

The Sany factory in Loudi, Hunan province
The headquarters of Sany subsidiary Putzmeister, in Aichtal, Germany

Sany Group is organised into the following major divisions and subsidiaries:

NASCAR sponsorship

The #7 SANY-sponsored Chevrolet at Martinsville Speedway in 2013.

Sany sponsored the Tommy Baldwin Racing #7 driven by Dave Blaney in the NASCAR Sprint Cup Series in 14 races in 2013, while also serving as associate sponsor for 22 races.[23]

References

  1. ^ Reuters retrieved 5 February 2012
  2. ^ Key Figures
  3. ^ Sany Group website, diversity
  4. ^ Template:En icon KHL Group. International Construction's Yellow Table 2012
  5. ^ Template:En icon China Construction Machinery Business Online. Sany enters into FT Global 500 becoming first in Chinese Construction Machinery Industry
  6. ^ Template:En icon Forbes magazine. Sany Heavy Industry section
  7. ^ Template:En icon Forbes magazine. Forbes Magazine's List of Billionaires: #113 Liang Wengen
  8. ^ Template:En icon Bloomberg. Sany eyes plants in 10 countries as China digger sales slow
  9. ^ Template:En icon Sany Group website. Corporate Overview
  10. ^ Template:Zh icon Baike Baidu. Liang Wengen article
  11. ^ Template:En icon Resale Weekly Blog. Sany Heavy Industry Listed in 2011 FT Global 500
  12. ^ Template:En icon Sany Group website. About Sany Heavy Industry Co., Ltd.
  13. ^ Template:Zh icon Chinese Stock Information website. Sany Heavy Industry Co, LTD. Information
  14. ^ "China Concrete Pumper Gets Into Nuclear Effort". The Wall Street Journal. 22 March 2011.
  15. ^ http://news.xinhuanet.com/world/2011-03/19/c_121207301.htm
  16. ^ Template:En icon CapitalVue News. SANY Group To Invest 10B Yuan In Zhuhai
  17. ^ Template:En icon CapitalVue News. US$1.8 billion in deals signed for Shanghai Lingang Industrial Park
  18. ^ Template:En icon Bisnis Indonesia. China's Sany to build US$200 million plant in Indonesia
  19. ^ Template:En icon Bloomberg. Sany, Citic to Pay $475 Million for German Cement-Pump Maker Putzmeister
  20. ^ Template:En icon Bloomberg. Sany to Invest $143 Million in Mobile Crane JV With Austria’s Palfinger
  21. ^ Banerjee, Neela, and Don Lee, "Obama blocks Chinese firm's Oregon wind farm projects", LA Times, September 29, 2012. Retrieved 2012-10-02.
  22. ^ PACEMonitor. TTCP v Sany/Ralls
  23. ^ Buchanan, Mary Jo (2 February 2013). "NASCAR Has the Most Interesting Sponsors In Sports". Speedway Media. Retrieved 14 November 2013.
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