EANS-Adhoc: PALFINGER AG signs two joint ventures with Sany Heavy Industry
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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28.02.2012
- JV Sany Palfinger produces and sells PALFINGER products in China
- JV Palfinger Sany distributes Sany mobile cranes outside China
- Sany Heavy Industry is the market and technology leader in the field of
construction machinery in China
- PALFINGER is the market and technology leader in the field of truck-mounted
cranes
Today PALFINGER AG, headquartered in Salzburg (Austria), and Sany Heavy Industry
Co.,Ltd headquartered in Changsha (People's Republic of China), entered into an
agreement on the establishment of two joint venture companies in which both
parties will each hold 50per cent of the shares. Sany Palfinger will primarily
produce and sell PALFINGER products in Changsha for the Chinese market;
Palfinger Sany, with its registered office in Salzburg, will distribute the
mobile cranes produced by Sany in the global market outside China. The
establishment of the two joint ventures is subject to the approval of the
authorities.
Sany Palfinger SPV Equipment Ltd. in Changsha will develop and produce
truck-mounted knuckle boom cranes and telescopic cranes on the basis of the
technologies of PALFINGER and Sany for the Chinese market. The medium-term
target is a market share of 30per cent. Sany Palfinger SPV Equipment Ltd. will
establish a new plant near Sany's facilities, with production capacities for
10,000 cranes. At the same time, a dense sales and service network will be set
up in China. First, ten standard crane models will be produced in series for the
Chinese market. In a second step, other PALFINGER products, such as container
handling systems, tail lifts and access platforms should be included in the
production and sales portfolio. The company will start operations in 2012 and
will have reached full operational effectiveness by 2013.
Palfinger Sany International Mobile Cranes Sales GmbH is being established as an
international sales and service company, having its registered seat in Salzburg
and exclusively distributing Sany's mobile cranes in Europe and CIS.
Furthermore, for the Americas, the development of a truck mounted stiff boom
crane is planned. The company will start operations without delay and will have
reached full operational effectiveness by the end of the year.
Both companies will be subject to the Austrian Code of Corporate Governance and
will prepare their financial statements in accordance with IFRS and Chinese
GAAP, respectively.
A press conference will be held tomorrow, Wednesday 29 February 2012, at 9.00am
CET at PALFINGER's headquarters in Salzburg.
Sany Heavy Industry Co., Ltd, ranks the first in the concrete machinery
industry, and is the largest heavy equipment manufacturer in China and
seventh-largest in the world. Founded in 1994, Sany Heavy Industry mainly
engaged in R&D, manufacturing and sales of construction machinery. Its main
products include concrete machinery, excavator, hoisting machinery, pile driving
machinery, road construction machinery etc, among which concrete machinery is
the world class brand and excavator, crawler cranes and pile-driving machine are
all first brands in China.The company went public on July 3, 2003, with a market
capitalization of more than USD20 billion, has become the first industrial
enterprise in China to be counted among the FT Global 500. Sany Heavy Industry
employs a total staff of 49,876 in China and its four research and production
sites in the USA, Germany, Brazil and India. The company operates business in
120 countries and regions, and sells its products via 24 subsidiaries. In 2010,
Sany generated sales revenue of more than RMB50 billion which corresponds to
approx. EUR6.1 billion. Every year, around 5per cent of Sany's sales revenue is
re-invested in research and development. Sany is listed on the Shanghai stock
exchange.
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About PALFINGER AG
For many years PALFINGER has been one of the world's leading manufacturers of
hydraulic lifting, loading and handling systems. As a multinational group
headquartered in Salzburg, the Company's 6,000 employees generated total sales
of EUR 846 million in 2011.
The Group has production and assembly facilities in Europe, in North and South
America as well as in Asia. The pillars of corporate strategy comprise
innovation, and the further internationalisation and diversification of products
and services. PALFINGER is regarded not only as the market leader, but also the
technology leader, in the global market for hydraulic knuckle boom cranes.
PALFINGER is always in proximity to its customers due to its over 4,500 sales
and service centres located in over 130 countries across five continents.
Further inquiry note:
Hannes Roither, PALFINGER AG
Unternehmenssprecher
Tel.: +43 662 46 84-2260
mailto:h.roither@palfinger.com
www.palfinger.com
end of announcement euro adhoc
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issuer: Palfinger AG
F.-W.-Schererstraße 24
A-5020 Salzburg
phone: 0662/4684 2261
FAX: 0662/4684 2280
mail: c.rendl@palfinger.com
WWW: www.palfinger.com
sector: Machine Manufacturing
ISIN: AT0000758305
indexes: ATX Prime, Prime Market
stockmarkets: official market: Wien
language: English