Shandong Heavy Industry

Shandong Heavy Industry Group Co., Ltd.
Company typeGovernment-owned corporation
IndustryAutomotive
Heavy equipment
Founded2009 (2009) (Jinan)
Headquarters
Jinan, Shandong
,
China
Area served
Worldwide
Key people
Tan Xuguang (Chairman and Chief Executive Officer)
ProductsAutomotive components
Construction equipment
Diesel engines
RevenueUS$15.46 billion[1]
SubsidiariesWeichai Holding Group
Ferretti Group
Shantui Construction Machinery
Shantui Machinery
Weichai Heavy-Duty Machinery
Weichai Power
Yaxing Coach

Shandong Heavy Industry Group Co., Ltd. is a Chinese state-owned multinational heavy machinery and automotive manufacturing company headquartered in Jinan, Shandong.

Shandong Heavy Industry has four listed companies: Weichai Power (2338HK/000338SZ), Weichai Heavy-Duty Machinery (000880SZ), Yaxing Bus (600213SH) and Shantui Machinery (000680SZ).[2]

History

Shandong Heavy Industry was founded in 2009 through a merger between Weichai Holding Group, Shandong Construction Machinery Group and Shandong Auto Industrial Group.[3][4]

In August 2012, Shandong Heavy Industry agreed to acquire 75% of the Italian yacht maker Ferretti Group for €178 million, plus the provision of €116 million of new credit facilities.[5][6]

In August 2012, Shandong Heavy Industry's Weichai Power subsidiary agreed to acquire a 25% stake in the German forklift maker KION Group for €467 million, and a 70% majority stake in Kion's hydraulics business for €271 million.[7][8]

In October 2019, Shandong Heavy Industry became the controlling shareholder of China National Heavy Duty Truck Group, acquiring a 45% stake.[9]

Operations

Shandong Heavy Industry has five principal operating subsidiaries: Weichai Holding Group Co., Ltd. (the parent company of Weichai Power), Shantui Construction Machinery Co., Ltd., Shantui Machinery Co., Ltd., Shanzhong Construction Machinery Co., Ltd., and Shandong Auto Industry Group Co., Ltd., Shazhonng Construction Machinery.

References

  1. ^ "A Chinese Bulldozer Maker Tacks to...Luxury Yachts". The Wall Street Journal. 28 August 2012. Retrieved 3 February 2013.
  2. ^ "Shandong Heavy Industries Group to accelerate overseas expansion". China Automotive Review. 7 January 2012. Retrieved 3 February 2013.
  3. ^ "Shandong plans auto behemoth". China Daily. 26 May 2009. Retrieved 3 February 2013.
  4. ^ "Three China firms to merge to form auto parts group". Reuters. 25 May 2009. Archived from the original on March 6, 2016. Retrieved 3 February 2013.
  5. ^ "Chinese Company Buys Italian Luxury Yacht Maker". The New York Times. 10 January 2012. Retrieved 3 February 2013.
  6. ^ "Ferretti's yachts find fitting berth in China". Reuters. 12 January 2012. Retrieved 3 February 2013.
  7. ^ "Shandong Heavy Invests in Germany". The Wall Street Journal. 31 August 2012. Retrieved 3 February 2013.
  8. ^ "China's Shandong Heavy Industry Group signs US$928 mil. deal to buy stake in Kion Group". The China Post. 4 September 2012. Retrieved 3 February 2013.
  9. ^ 种昂 (29 September 2019). 山东重工控股中国重汽集团 开创先整合后重组模式 [Shandong Heavy Industry controls China National Heavy Truck Corporation, creating an integration model before the reorganization]. The Economic Observer (in Chinese (China)). Retrieved 2 January 2020.