PR Newswire
13 Oct 2023, 22:07 GMT+10
Accelerated International Collaborations and partnerships propel the company towards high-quality, sustainable development
CHANGSHA, China, Oct. 13, 2023 /PRNewswire/ -- Zoomlion Heavy Industry Science & Technology Co., Ltd. ("Zoomlion"; 1157.HK), a global frontrunner in high-end equipment manufacturer, is accelerating its localization in overseas markets and strengthening cooperation with global partners to boost its international business development. In a bid to further foster seamless collaborations, Zoomlion's chairman and CEO, Zhan Chunxin, recently visited Zoomlion subsidiaries in Indonesia and the Gulf region of the Middle East, as well as CIFA in Italy, M-TEC, RABE and Wilbert in Germany.
Zoomlion's Chairman and CEO, Zhan Chunxin, Zhan Chunxin, celebrated the company's 31st anniversary with m-tec staff in Germany
Zoomlion is thriving in the overseas market - in 2022, Zoomlion's total revenue in overseas markets amounted to 9.992 billion yuan (US$ 1.37 billion), marking a 72.6% annual growth. This momentum continued into 2023, with a 115% year-on-year revenue rise in the first half.
Mergers and acquisitions are a key strategy for Zoomlion in overseas markets. By strengthening coordination with foreign subsidiaries, Zoomlion has promoted win-win cooperation. The company has expanded international development by upgrading overseas manufacturing bases.
Founded in 1928, CIFA is a leading global concrete machinery manufacturer. Zoomlion acquired CIFA in 2008, integrating resources to achieve results in concrete technology and production. Following Zoomlion's integral layout, CIFA expanded into areas including construction hoisting machinery, industrial vehicles, aerial working platforms, and more. This significantly improved CIFA's competitiveness in global markets.
Zoomlion is transforming its overseas model, combining global perspectives with local strategies. The company now has 30 operational hubs worldwide. Since being established in 2007, its UAE subsidiary has become a central platform overseeing the Middle East for administration, warehousing, parts, service and logistics. Its pivotal role is evident, with 2023 first-half sales in UAE and Saudi Arabia surging over 200% year-over-year.
Zoomlion is also supporting the sustainable development of the agricultural industry in Southeast Asia. In September, the company partnered with the Lao Ministry of Agriculture to enhance technological collaboration, set machinery standards in Laos, and teamed up with PT Java Seed Indonesia to establish an advanced agricultural machinery facility in Indonesia.
On September 28, as Zoomlion celebrated its 31st anniversary, Chairman Zhan paid a visit to M-TEC in Germany, and highlighted the group's three-decade journey of innovative and international progress.
"Zoomlion's steady, high-quality journey toward innovation, openness and global growth is a testament to our entire team's dedication," said Zhan. "As we advance the strategic global layout and build up the three major industry sectors of construction machinery, agriculture machinery and intelligent agriculture, and new construction materials, our goal is for overseas business to represent over 50% of total operations. As always, we remain committed to supporting our international subsidiaries," added Zhan.
Get a daily dose of Asia Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Bulletin.
More InformationLESBOS, Greece: Greek authorities said a cargo ship sank off the island of Lesbos over the weekend during a storm, ...
COLUMBUS, Ohio: To stop the spread of bird flu, more than 1.3 million chickens will be killed on Ohio's Union ...
In a devastating turn of events, Israel's war on Gaza, sparked by Hamas's unprecedented attacks on October 7, has resulted ...
BATON ROUGE, Louisiana: In a Louisiana election where more than 43,000 people cast their ballots, a candidate for parish sheriff ...
LIVINGSTON, Kentucky: This week, railroad operator CSX said a train derailment involving 16 cars, two of which spilled molten sulfur ...
Fifty-seven journalists have been killed as of Saturday as a result of Israel's war on Gaza, which has extended to ...
BEIJING, China: The country's commerce ministry said that during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Ho ...
NEW YORK, New York - Retreating bond yields and a higher-then-expected GDP reading for the third quarter boosted U.S. stocks ...
WASHINGTON D.C.: President Joe Biden invoked a Cold War-era act this week to boost investment in U.S. manufacturing of medicines ...
NEW DELHI, India: On November 24, the Economic Times (ET) reported that Tesla is ready to invest up to $2 ...
NEW YORK, New York - U.S. stocks closed in positive territory despite a volatile day Tuesday. Spending much time in ...
WASHINGTON D.C.: On November 24, the U.S. Food and Drug Administration (FDA) recalled three more brands of whole and pre-cut ...