Zoomlion, China’s largest heavy machinery company, is hunting for acquisitions in Europe to boost its technological prowess and win a greater share of the global market, with the construction segment at home expected to contract next year.
Overseas sales have been a bright spot for Chinese construction machinery makers, whose exports are set to exceed $20bn this year, up from just $1.6bn in 2001, according to the country’s heavy machine industry association.
Foreign acquisitions have allowed Chinese machinery groups to pose an increasing challenge to companies such as US-based Caterpillar and Japan’s Komatsu, especially in emerging markets where low-cost machinery is favoured.
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