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In three years, Yantai Jiangtu will quadruple its production ca

  • Xugong Party Group sold all of Caterpillar Yantai Jiangtu Mechanical Equipment Company to Caterpillar and Xugong Party Group. The two parties founded this company in 1995. Caterpillar (Xuzhou) Co., Ltd. will become a wholly-owned subsidiary of Caterpillar after the transfer is completed. The signing agreement is contingent on the Chinese Physics Department's approval, and Caterpillar will not disclose the transaction's specific terms.
    We expect the Chinese government to continue to invest in infrastructure improvements across the country in the coming years. As a result, Caterpillar and those who believe that investing in China is important must pay attention. Caterpillar plans to expand its production and operations, as well as its presence in emerging markets. Rich Lavin, the factory's president, was quoted by the factory. Cutler's ten-fold machine production capacity in China will be expanded four times in 2021, when the expansion plan for a machine that was completed in 2014 is completed.

    XCMG Chairman Wang Min approved earlier this month that XCMG has officially decided to withdraw from Caterpillar (Xuzhou) Co., Ltd., which has been united with Caterpillar for more than ten years, and establish its own mini excavator grapple manufacturer, as well as plans to purchase heavy trucks. The company enters the field of heavy truck manufacturing and establishes a complete construction machinery manufacturing scale.

    XCMG now owns 15.87% of Caterpillar (Xuzhou) Co., Ltd., a company that can generate tens of millions of dollars in profit each year. This small annual dividend is insignificant. Wang Min expressed his thoughts. Cutler and XCMG invested US$82 million and 40:60 shares in the joint venture company in 1995. Xu will no longer be able to produce excavators after the joint venture is established, according to the agreement. For ten years, XCMG has been trying to figure out whether it has won or lost. XCMG's shares gradually decrease as capital and shares increase.