Tools manufacturers look west
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Chinese firms make overseas purchases as residential market becomes saturated
Regardless of the economic stagnation and also overcapacity problems, China's market for construction equipment will likely recover from dull growth, as significant firms in the industry have been hectic with abroad purchases, sector insiders said.
The most up to date instance of Chinese equipment manufacturers increasing abroad in the middle of a difficult residential market is Zoomlion Heavy Industry Scientific Research & Technology Co Ltd, one of the country's largest equipment makers, which has actually gotten German leading dry mortar producer, M-Tec.
Financial information weren't revealed, as the bargain is still subject to regulative approval. coating additives was finalized on Dec 20, according to a declaration released by Zoomlion on Wednesday.
"Our company is experiencing a commercial improvement and updating, and the purchase of the Neuenburg-based M-Tec will certainly aid the firm to finish that procedure, generating a new growth engine in the dry mortar devices sector," claimed Chen Xiaofei, vice-president of Zoomlion, which is listed on the Hong Kong and also Shenzhen stock market.
Chen noted that there's massive demand in China for dry mix mortar - a brand-new and environment-friendly construction product, which is already extensively made use of in the USA and also Europe - as the nation is constructing much more "environment-friendly" tasks.
China's demand for completely dry mix mortar is anticipated to climb to 190 million loads by 2017, with the annual development of sales of equipment for completely dry mix mortar plants estimated at greater than 70 percent by then, specialists said.
Both companies have actually currently entered into a contract, however the delivery of equity is still underway, claimed He Wenjin, vice-president of Zoomlion's financial investment and funding department. He stated he expects the offer to be ended up in March.
In the initial three quarters, the net earnings of State-owned Zoomlion, which is based in Hunan district, dropped 45 percent to 3.80 billion yuan ($620.90 million).
Germany-based M-Tec, which was started in 1978 and also offers its products in 55 countries as well as areas all over the world, was unable to be gotten to immediately for comment.
Regardless of the economic stagnation and also overcapacity problems, China's market for construction equipment will likely recover from dull growth, as significant firms in the industry have been hectic with abroad purchases, sector insiders said.
The most up to date instance of Chinese equipment manufacturers increasing abroad in the middle of a difficult residential market is Zoomlion Heavy Industry Scientific Research & Technology Co Ltd, one of the country's largest equipment makers, which has actually gotten German leading dry mortar producer, M-Tec.
Financial information weren't revealed, as the bargain is still subject to regulative approval. coating additives was finalized on Dec 20, according to a declaration released by Zoomlion on Wednesday.
"Our company is experiencing a commercial improvement and updating, and the purchase of the Neuenburg-based M-Tec will certainly aid the firm to finish that procedure, generating a new growth engine in the dry mortar devices sector," claimed Chen Xiaofei, vice-president of Zoomlion, which is listed on the Hong Kong and also Shenzhen stock market.
Chen noted that there's massive demand in China for dry mix mortar - a brand-new and environment-friendly construction product, which is already extensively made use of in the USA and also Europe - as the nation is constructing much more "environment-friendly" tasks.
China's demand for completely dry mix mortar is anticipated to climb to 190 million loads by 2017, with the annual development of sales of equipment for completely dry mix mortar plants estimated at greater than 70 percent by then, specialists said.
Both companies have actually currently entered into a contract, however the delivery of equity is still underway, claimed He Wenjin, vice-president of Zoomlion's financial investment and funding department. He stated he expects the offer to be ended up in March.
In the initial three quarters, the net earnings of State-owned Zoomlion, which is based in Hunan district, dropped 45 percent to 3.80 billion yuan ($620.90 million).
Germany-based M-Tec, which was started in 1978 and also offers its products in 55 countries as well as areas all over the world, was unable to be gotten to immediately for comment.
