Under this agreement, XCMG is acquiring a majority of the shares in SCHWING. Gerhard Schwing, CEO of SCHWING and Wang Min, the Chairman of XCMG, signed a contract to this effect in Essen. SCHWING Group (“SCHWING“), an internationally leading system supplier for concrete machinery in the premium sector, and Xuzhou Construction Machinery Group (“XCMG“), China’s leading construction machinery manufacturer, have today sealed the strategic partnership they had announced in April. The partners agree to secure the German sites until 2017.XCMG acquires majority holding in SCHWING.Strategic combination of the German and Chinese market leaders creates opportunities for global growth.Official signing in the Zeche Zollverein in Essen, Germany.SCHWING and Xuzhou Construction Machinery Group Complete Strategic Partnership
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