XCMG acquires majority stake in schwing

被引：0

作者：

Illia, Tony

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来源：

ENR (Engineering News-Record) | 2012年 / 268卷 / 18期

关键词：

Machinery - Construction equipment - Trucks;

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摘要：

China's Xuzhou Construction Machinery Group, or XCMG, has acquired a majority stake in Germany's Schwing Group GmbH. German management will remain in charge, according to XCMG Chairman Wang Min in a statement. XCMG is seeking a three-year, $210-million loan as part of the Schwing purchase. Although Schwing employs about 3,300 staff in seven countries, the privately owned company is cutting 170 positions, or more than a fifth of jobs, at its Herne headquarters as a precondition of the sale. A manufacturer of concrete pump trucks, stationary pumps, truck mixers and batch plants, Schwing subsidiary emerged from Chapter 11 bankruptcy in 2010 following deep cutbacks in concrete construction spending.

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