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Recently, Guangxi Liugong Machinery Co., Ltd. and Cummins Corporation signed an agreement in Liuzhou. According to the agreement, the two parties will jointly produce the world-leading Cummins Engine Group to meet the Tier 2 and Tier 3 emissions standards.
According to the announcement, Liugong Company subscribed for an initial investment of 200 million yuan, accounting for 50% of the registered capital. The scope of business of the joint venture company is the production, sales and service of diesel engines. The initial investment of the project is 1 billion yuan, and the initial registered capital is 400 million yuan. The two sides each contributed 200 million yuan. Liugong Company stated that this joint venture will make full use of the products and technologies of Cummins Inc. and the company’s accumulated experience in the application of engines for construction machinery to jointly produce products suitable for the construction machinery market, and at the same time protect product quality and performance while reducing Purchasing costs, enhance the overall product competitiveness and promote the development of international business.
In the future, Cummins Engine will be fully realized in local production in China, and tailored to meet the specific needs of the construction machinery market power products to meet the needs of Liugong and other Chinese OEMs. Previously, Cummins invested in the China-horsepower series of engines focused on the automotive market. The new investment project for the construction of medium-horsepower engines for construction machinery is complementary to Cummins' engine production capacity in China and will better meet the needs of the automotive market outside Cummins. Horsepower product demand. The Cummins Engine Crankshaft Engine has the industry-leading quality, localized production, and close to Chinese customers for secondary development and optimization, providing high-performance, high-reliability engine power for China's construction machinery industry and contributing to overall industry development. Level of improvement.
“The joint venture and cooperation between Cummins and Liugong has laid the foundation for the two sides' vigorous development in the field of construction machinery in China. China has become the largest market in the world of construction machinery, and its strong demand will continue to promote the Chinese market to maintain its upward momentum in the coming years. "Tom Linebarger, president and chief operating officer of Cummins, is confident of the joint venture. “I am very happy that we can deepen cooperation with Liugong on the basis of long-term collaboration. Liugong is one of the most respected leaders in China's manufacturing industry. It has developed rapidly in recent years and has achieved outstanding results. It will continue to be fast in the future. The momentum of development.†President Lan Bowen spoke highly of the cooperation between Liugong and Cummins: “Liugong and Cummins are highly consistent in many concepts. Liugong is committed to satisfying customers' needs with excellent product quality and service, and striving for excellence in all aspects. Valuable value will help our new joint venture to achieve its goals and achieve success."
The joint venture company is expected to start production in 2013, with an initial planned production capacity of 50,000 units, and will further increase its production capacity in the future based on market demand.
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Guangxi Liugong Machinery Co., Ltd. (listed company code: 000528 Liugong) is one of the core companies of Liugong Group. Liugong Group was formerly known as Liuzhou Construction Machinery Factory, which was established by relocating Shanghai Huadong Steel Construction Plant to Liuzhou. Founded in 1958. In 1993, Liugong Group established Liugong Construction Machinery Co., Ltd. in the engineering machinery segment and was listed on the Shenzhen Stock Exchange. Liugong Construction Machinery Co., Ltd. became the first listed company in China's construction machinery industry and Guangxi. The company is headquartered in the historical and cultural city - Liuzhou, Guangxi, the company's headquarters and its subsidiary holdings more than 10,000 employees.
Guangxi Liugong and Cummins to Form Joint Venture Company