Big Chinese Firms See US Sales Doubling

June 22, 2012 | By
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China’s plans for growth include big Chinese firms doubling US sales.

CHINADAILY

Chinese companies on the leading edge of a trend toward greater outbound investment are accelerating plans for overseas growth despite headwinds at home and the unsteady global economy.

Some of China’s best-known brands plan to double sales in the United States over the next few years, executives said at a June 14 forum in Atlanta on Chinese investment.

For Sany Heavy Industry Co, a construction-equipment manufacturer from China’s Hunan province, rapid expansion has become the rule rather than the exception.

The company started as a small workshop in Changsha in 1989 and has grown into a prime example of China’s global expansion. Sales of equipment such as concrete-pump trucks, cranes and excavators shot to $12.7 billion in 2011 from $1.5 billion in 2007.

“We are the pump king of the world,” Tang Jianguo, president of subsidiary Sany America, said at the conference, China’s Global Outlook.

Although less than 10 percent of sales come from overseas, Sany in 2007 embarked on an aggressive US expansion, investing $60 million to build a plant in Peachtree City, Georgia, just 35 miles (56 kilometers) from Atlanta.

Sany spent 525 million euros (about $663.2 million) to buy German manufacturer Putzmeister Holding early this year, solidifying the Chinese company’s position atop the global concrete machinery market. The acquisition will lead to a restructuring of US operations and “synergies” resulting in improved customer service, Tang said.

Read the whole story: CHINADAILY

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Category: COMMERCE, GLOBAL

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