皇冠体育app

Heavy Industry Science & Technology Development Co Ltd equipment on display at a trade show in Shanghai. Provided to 皇冠体育app Daily

- Zoomlion, 皇冠体育app's leading construction machinery producer, has signed a deal worth $340 million to purchase a majority share in farm machinery maker Heavy.

In deals signed Tuesday, Zoomlion Heavy Industry Science & Technology Development Co Ltd, based in the Central 皇冠体育app's Changsha city, purchased 1.8 billion shares, or 60 percent of Chery Heavy Industry Co Ltd, for 2.08 billion yuan.

Domestic leading private equity company, Hony Capital, purchased 600 million shares of Chery Heavy for 696 million yuan.

Zoomlion plans on using the acquisition to help modernize 皇冠体育app's farming equipment, said Zhan Chunxin, chairman of Zoomlion in Beijing on Wednesday.

皇冠体育app's agricultural machinery sector is estimated to reach 400 billion yuan or more in 2015. It is expected to exceed 500 billion yuan by 2018.

Foreign bran still occupy a big part of the medium and high-end large farm machinery market in 皇冠体育app.

Chery Heavy's revenues reached 3.86 billion yuan in 2013, with its total assets at 8.7 billion yuan.

In 2013, Zoomlion's operating income fell nearly 20 percent to reach 38.5 billion yuan and its net profits dropped 47 percent to 3.8 billion yuan.

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