XCMG

XCMG Group
State-owned limited company
Industry Heavy equipment
Founded 1989 (1989) (Xuzhou)[1]
Headquarters Xuzhou, Jiangsu, China
Area served
 Worldwide
Products Construction equipment
Cranes
Revenue RMB 23.3 billion (2014)[2]
Subsidiaries XCMG Construction Machinery
Website www.xcmg.com/en-us/

XCMG Group (Chinese: 徐工集团; pinyin: Xúgōng Jítuán) is a Chinese multinational Government-owned, heavy machinery manufacturing company with headquarters in Xuzhou, Jiangsu. As of 2016, it ranks 5th in the world's construction machinery industry, 122nd among the Top 500 Chinese enterprises, 49th among the Top 100 enterprises in the Chinese manufacturing industry, and 2nd among the Top 100 enterprises in Chinese machine-building industry. These ranks are in terms of size, as it is a large enterprise Chinese Construction company.[3]

XCMG was founded in 1989. Its subsidiary, XCMG Construction Machinery Co. Ltd., is listed on the Shenzhen Stock Exchange SZSE: 000425.

Name

The name "XCMG" is an acronym of "Xuzhou Construction Machinery Group".[4]

History

1989 to 2011

XCMG was founded in Xuzhou in March 1989 as Xugong Construction Machinery Science & Technology.[1][5]

XCMG formed a joint venture with Caterpillar Inc. in 1995. The joint venture, Caterpillar Xuzhou Ltd., built a 170,000 square meter excavator plant in Xuzhou.[6] 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.[6] XCMG's subsidiary Xugong Science & Technology Co. Ltd., later renamed XCMG Construction Machinery Co. Ltd., was listed on the Shenzhen Stock Exchange in August 1996.[7]

In October 2005, the U.S.-based private equity firm, Carlyle Group, agreed to acquire 85% of XCMG for US$375 million. The transaction was subsequently blocked by the Chinese government.[8]

In 2010 XCMG signed an agreement with the Chinese oil company Sinopec to jointly develop crawler cranes.[9] 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.[10] In June 2010 XCMG agreed to sell its remaining 15.87 percent stake in Caterpillar Xuzhou Ltd. to Caterpillar.[11]

2011 to present

In April 2011 XCMG signed an agreement with the Venezuelan government to establish a construction equipment manufacturing joint-venture company in Venezuela.[12] 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 that were poor in nature.[13]

In February 2012 XCMG began manufacturing an 88,000 tonne-meter rated lattice boom crawler crane with a 3,600 tonne capacity, intended for use in the construction of power generation plants and petrochemical facilities.[9] XCMG agreed to acquire a majority stake in the privately owned German machinery manufacturer Schwing for an undisclosed amount in April 2012.[4][14] The acquisition of a 52 percent stake was completed in July 2012.[15]

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.[16] The facilities were built at a cost of US$1.9 billion, occupy around 2 million square meters, 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.[16]

XCMG began construction of a 16,400 square meter research and development facility in Krefeld, Germany in July 2012.[17]

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

In December 2012, XCMG achieved operating income of 10.1 billion yuan, becoming the industry's first enterprise that had an operating income exceeding 10 billion yuan.

In July 2013, XCMG's four thousand-ton crane won its first battle of pilot run with a total weight of lifting reached 1,680 tons.[18]

Products

An XCMG compactor

XCMG's products include:[19]

  • 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
  • hook lifts
  • rotary drilling rigs
  • soil stabilizers
  • tippers
  • truck mounted cranes
  • wheel loaders

See also

References

  1. 1 2 "About Us". XCMG Group. Retrieved 8 March 2012.
  2. ↑ "Analysis: China's budding Caterpillars break new ground overseas". Reuters. 8 March 2012. Retrieved 8 March 2012.
  3. ↑ "Company Profile_XCMG ASIA-PACIFIC". En.xcmg.com. Retrieved 2016-02-16.
  4. 1 2 "China's XCMG buys majority of Germany's Schwing". Reuters. 19 April 2012. Retrieved 25 April 2012.
  5. ↑ "Manchester United, Sany, XCMG, Citic Securities, Hongguo line up for IPO parade". The Australian. 7 September 2011. Retrieved 8 March 2012.
  6. 1 2 "The sleeping giant stirs". Cranes Today. Retrieved 8 March 2012.
  7. ↑ Pennington, Michael (2006). China Stock Directory. SinoMedia (Holdings) Co. Ltd. p. 570. ISBN 978-988-98254-2-3. Retrieved 8 March 2012.
  8. ↑ "China's Xugong says Carlyle investment deal dead". Reuters. 22 July 2008. Retrieved 8 March 2012.
  9. 1 2 "XCMG building 3,600 tonne crawler crane". International Cranes and Specialised Transport. 13 February 2012. Retrieved 8 March 2012.
  10. ↑ "XCMG Establishes Railway Equipment Subsidiary". Business China. 7 May 2010. Retrieved 8 March 2012.
  11. ↑ "Caterpillar to buyout Caterpillar Xuzhou". China Knowledge. 29 June 2010. Retrieved 8 March 2012.
  12. ↑ "Venezuela and China Chart the Road to Strategic Collaboration". Hamsayeh. 27 April 2011. Retrieved 8 March 2012.
  13. ↑ "Demise of China's XCMG deal exposes rifts, rivalries". Reuters. 2 October 2011. Retrieved 8 March 2012.
  14. ↑ "Chinese giant XCMG takes German Schwing". Construction Week Online. 24 April 2012. Retrieved 25 April 2012.
  15. ↑ "XCMG: Acquisition of a 52% Stake in Schwing Completed". China Scope Financial. 9 July 2012. Retrieved 11 July 2012.
  16. 1 2 "XCMG expands capacity with four new manufacturing bases". China Construction Machinery Business Online. 28 June 2012. Retrieved 11 July 2012.
  17. ↑ "Groundbreaking ceremony for XCMG Europe". China Construction Machinery Business Online. 7 July 2012. Retrieved 11 July 2012.
  18. ↑ "Home_Xcmg Asia-Pacific". En.xcmg.com. Retrieved 2016-02-16.
  19. ↑ "Products". XCMG Group. Retrieved 8 March 2012.
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