XCMG reports over US$100mn in new partnership agreements

Leading Chinese construction machinery manufacturer Xuzhou Construction Machinery Group (XCMG) has announced that it has signed over US$100mn in fresh contracts with leading international firms, as well as recording its first deliveries of its new state of the art machinery products

The news comes from XCMG’s participation in the bauma China 2018 trade show, a leading event for the Asian construction machinery market, where it reached a deal with Russia’s KBA Mining Company worth $100mn for a slew of mining equipment and industry solutions.

XCMG also delivered its GTBZ58S work platforms to Sinopec Heavy Lifting during the event, which themselves are the tallest work platforms in the world at 58.6m with 45% maximum gradeability.

"With the support of global dealers, suppliers and partners, as well as the hardworking XCMG staff, the company is progressing fast in the international market towards the goal of achieving 50% of its revenue from overseas sales," said Wang Min, Chairman and President of XCMG, in the company’s press release.

See more:

• G7 sets new global record for IoT financing in latest round
• Pharma group Aptorum announces SEC approval of US$30mn IPO
• Zomato acquires drone firm TechEagle Innovations

Valery Aleksandrovich Tubabba, General Manager of KBA, added:

"XCMG is one of the most renowned construction machinery multinational corporations in the world, with top-notch mining equipment performance, top quality products and a comprehensive after sales and service network. KBA is a very confident to partner of XCMG."

According to Statista, XCMG reported significant revenue growth in 2017 at 29.13bn yuan over 2016’s 16.89mn.