Zoomlion buys into Raxtar
By Euan Youdale12 August 2014
Zoomlion Heavy Industry Science & Technology Co. has acquired 35% of Netherlands-based hoist and mast climbing equipment manufacturer Raxtar.
He Wenjin, vice president of the Chinese crane and construction equipment producer, said despite increasingly fierce international competition, China's slowing economic growth and the global downturn, Zoomlion was committed to the strategy of helping Chinese machinery "go global".
Zoomlion will also use Raxtar’s experience in international production, research and design and marketing to enhance the competitiveness and influence of its hoist and mast climbing division, Zoomlion Hoisting Machinery Branch Company.
Tang Shaofang, deputy general manager of the hoist division, said, "This acquisition will bring in international advanced technology, which will improve operational performance, enhance service value and reduce lifting costs, thereby meeting customer requirements for increasing value and reducing cost."
China's hoist equipment market is strong, said the company, but problems do exist; namely lesser technological capabilities, poor quality equipment and inadequate service. “Under the new organisational structure, we will set up research and development centres in China and Europe, and the two sides will work closely in order to understand the needs of customers in different markets worldwide,” said a Zoomlion spokesman.
“None of our competitors are as well placed to understand customer needs through localisation and to tailor solutions according to customer needs while sharing technology and benefits on a global scale.”