XCMG Group is a Chinesemultinationalstate-ownedheavy machinerymanufacturing company with headquarters in Xuzhou, Jiangsu. As of 2016, it ranks 5th in the world's construction machinery industry, 122nd among the Top 500 Chinese enterprises, 49th among the Top 100 enterprises in the Chinese manufacturing industry, and 2nd among the Top 100 enterprises in Chinese machine-building industry. These ranks are in terms of size, as it is a large enterprise Chinese construction company. XCMG was founded in 1989. Its subsidiary, XCMG Construction Machinery Co. Ltd., is listed on the Shenzhen Stock Exchange.
Name
The name "XCMG" is an acronym of "Xuzhou Construction Machinery Group".
History
1989 to 2011
XCMG was founded in Xuzhou in March 1989 as Xugong Construction Machinery Science & Technology. XCMG formed a joint venture with Caterpillar Inc. in 1995. The joint venture, Caterpillar Xuzhou Ltd., built a 170,000 square meter excavator plant in Xuzhou. In the same year, XCMG and Liebherr Group signed a licensing agreement allowing XCMG to manufacture three models of Liebherr all-terrain cranes, including the six-axle LTM 1160 160t AT. XCMG's subsidiary Xugong Science & Technology Co. Ltd., later renamed XCMG Construction Machinery Co. Ltd., was listed on the Shenzhen Stock Exchange in August 1996. In October 2005, the U.S.-based private equity firm, Carlyle Group, agreed to acquire 85% of XCMG for US$375 million. The transaction was subsequently blocked by the Chinese government. In 2010 XCMG signed an agreement with the Chinese oil company Sinopec to jointly develop crawler cranes. In May 2010 XCMG established a new wholly owned subsidiary focused on the railway equipment market, XCMG Railway Equipment Co. Ltd., with a plan to invest RMB 450 billion in production capacity and capital reserves. In June 2010 XCMG agreed to sell its remaining 15.87 percent stake in Caterpillar Xuzhou Ltd. to Caterpillar.
2011 to present
In April 2011 XCMG signed an agreement with the Venezuelan government to establish a construction equipment manufacturing joint-venture company in Venezuela. In October 2011 XCMG Construction Machinery was forced to abandon a planned US$1.5 billion initial public offering on the Hong Kong Stock Exchange as a result of market conditions that were poor in nature. In February 2012 XCMG began manufacturing an 88,000 tonne-meter rated lattice boom crawler crane with a 3,600 tonne capacity, intended for use in the construction of power generation plants and petrochemical facilities. XCMG agreed to acquire a majority stake in the privately owned German machinery manufacturer Schwing for an undisclosed amount in April 2012. The acquisition of a 52 percent stake was completed in July 2012. In June 2012 XCMG completed the construction of new facilities in Xuzhou for the manufacture of all-terrain cranes, wheeled loaders, concrete pumps, and other concrete machinery. The facilities were built at a cost of US$1.9 billion, occupy around 2 million square meters, and have the capacity to build 5,000 large and medium capacity cranes, 40,000 wheeled loaders and 20,000 units of concrete machinery annually. XCMG began construction of a 16,400 square meter research and development facility in Krefeld, Germany in July 2012. In October 2012, the world's largest all-terrain crane QAY1600 made its grand debut. This has now been exceeded by Zoomlion QAY2000. In November 2012, XCMG XGC88000 sets new record of heaviest crawler crane lift with successful lift of 4500 tonne in overload tests. In December 2012, XCMG achieved operating income of 10.1 billion yuan, becoming the industry's first enterprise that had an operating income exceeding 10 billion yuan. In 2016 the XCMG company launched their modern dump truck model called the XCMG DE400 which is no less than 400 tonnes making it apparently the most massive land vehicle ever and its also the largest Chinese construction vehicle ever built in production today considered by many a World Record in 2017.
XCMG apprentice is a global marketing campaign hosted by XCMG, offering global apprentices the opportunity to learn about XCMG and its innovative technologies while promoting international exchange in construction machinery industry and culture.
