A Major Milestone in the Company#s Expansion into Global Markets: XCMG Opens New Subsidiary in Indonesia

Stocks and Financial Services Press Releases Thursday June 29, 2017 15:02
JAKARTA, Indonesia--29 Jun--PRNewswire/InfoQuest

XCMG, the world's leading construction machinery manufacturer, has opened a new subsidiary in Indonesia, PT.XCMG Group Indonesia ("PT.XCMG" or "the Group"), representing XCMG's most significant investment in Indonesia since it first began operations there 25 years ago.

"XCMG's new company aims to provide our customers with all-around products and one-stop services together with local dealers and to promote XCMG's sustainable development strategy in Indonesia. Here we can partner with local agencies to establish a solid foundation for promoting XCMG's brand in the whole Asia-Pacific area," explained Hu Xiangyang, vice general manager of XCMG Import & Export.

Indonesia is a key market in XCMG's plans to build and maintain a strong global presence. The company's exports to the country have more than doubled in the past two years.

XCMG has been playing an active role in various infrastructure projects in Indonesia including highway, railway, electric power, airport and commercial buildings such as the construction of Indonesia's tallest building, INDONESIA-ONE, the largest thermal power station, Java No.7 2.1050 coal-fired power plant, tunnel construction for the Jatigede Dam Project and the Jakarta-Bandung high-speed rail line.

The biggest economy in Southeast Asia and a founding member of ASEAN and member of G20, Indonesia serves as a strategic traffic hub connecting Asia, Oceania, the Pacific Ocean and the Indian Ocean.

"Indonesia is a key link in China's Belt and Road Initiative, PT.XCMG will enable XCMG to spread its business throughout the local markets in Indonesia and the broader Southeast Asia region," said Wang Min, president of XCMG.

XCMG's products are exported to 48 out of the 65 countries that fall within China's Belt and Road Initiative, with an export value accounting for 75 percent of the company's total volume. XCMG's extensive network along the "New Silk Road" now includes nine manufacturing bases and KD factories, 116 primary dealers, 73 spare parts stations and 24 offices; all share the goal of providing reliable products and services to satisfy the needs of clients.

About XCMG:

XCMG is a multinational heavy machinery manufacturing company with a history of 74 years. It currently ranks ninth in the world's construction machinery industry. The company exports to more than 177 countries and regions around the world.

For more information, please visit:   www.xcmg.com , or XCMG pages on   Facebook ,   Twitter ,   YouTube ,   LinkedIn   and   Instagram .

Latest Press Release

KASIKORNBANK announces 2018 net profit of Baht 38,459 Million

Mr. Patchara Samalapa, President of KASIKORNBANK, said KASIKORNBANK announced net profit for the year of 2018 of Baht 38,459 Million, an increase of Baht 4,121 Million or 12.00% over the previous year. Operating performance for the year of 2018 compared...

Siam Commercial Bank reported 2018 net profit of Baht 40.1 billion

Siam Commercial Bank and its subsidiaries announced net profit of Baht 7.1 billion in the fourth quarter of 2018 and Baht 40.1 billion for 2018 (based on unaudited consolidated financial statements), a 7.1% yoy decrease from a year ago. Total operating...

Johnson Johnson Completes Acquisition of Ci:z Holdings Co., Ltd.

Johnson & Johnson (NYSE:JNJ) today announced the completion of the acquisition of Ci:z Holdings Co., Ltd. (TYO: 4924) (the "Company") for a total purchase price of approximately JPY / CNY230 billion. The acquisition was completed through a series of...

Siam Commercial Bank Partners with Chaixi Bameekiao and Visa To facilitate QR payment for noodle franchise

- Ms. Pimjai Tongmee, SCB's Payment Product Sales and Delivery Division Executive Vice President - Mr. Panrob Kamla, President of Chaixi Bameekiao Co. Ltd - Mr. Suripong Tantiyanon, Country Manager for Visa Thailand "Siam Commercial Bank" (SCB)...

Isotropic Systems Raises $14 Million in Series A Funding Led by Boeing HorizonX Ventures to Advance Space-Based Connectivity

- Isotropic's approach to next-generation integrated terminal creates profound change in terminal economics and performance to unlock the satellite industry's full potential Isotropic Systems Ltd., the next-generation integrated satellite terminal...

Related Topics