Sany has been named one of the three most innovative companies in China by Fortune China magazine.
Sany jumped to the third spot from its rank of 13th in the 2011 listing.
Fortune China, the Chinese-language version of the global business magazine published by Time Inc., honored 25 companies for innovation in its August 13th issue.
“Innovation needs continuous input and attention,” the editors wrote in an article accompanying the rankings. “Any slack can lead to being surpassed by competitors.”
The article chronicles the improvements to a concrete pump made by Sany, driven by customer demands for higher pressures and more performance. Xiang Wenbo, president of Sany Heavy Industry, said continual investment in innovation is what drives the company. “Technological innovation must be a top priority in our industry,” he said. “Developing innovative products is crucial in order to thrive and lead.”
Sany said it invests 5-7 percent of revenue in research and development each year, well above the average. More than 7,000 Sany employees are involved in R&D—half have master’s degrees or doctorates. In addition to its R&D centers in China, Sany has opened research and development operations in the United States, Brazil, Germany, and India.