Schwing and Xuzhou Construction Machinery Group (XCMG), the Chinese construction machinery manufacturer, have sealed the strategic partnership they had announced in April.
Gerhard Schwing, CEO of Schwing, and Wang Min, the chairman of XCMG, signed the contract in Essen, Germany. Under the agreement, XCMG is acquiring a majority of the shares in Schwing.
“The merger of Schwing and XCMG is a major step forward in the development of both our companies," said Min. “SCHWING is a world-class manufacturer of concrete machinery with a broad product range and leading technology."
“XCMG and Schwing complement each other perfectly," said Gerhard Schwing. “Schwing will gain access to the Chinese growth market, and XCMG will benefit from improved market coverage outside of China, also extending its product range in the premium segment.”