XCMG partners with Schwing Stetter India to set up new manufacturing facility in India Plans to invest $150 million in the near future
Chennai, Thursday, January 12th, 2017: XCMG China, one of the world’s largest construction machinery makers’ is partnering with Schwing Stetter India, one of the leading concrete equipment manufacturing companies in our country to set up a new facility in India. This facility will manufacture construction and material handling machines.
XCMG to invest $150 million for the new manufacturing facility in India. Construction equipment and material handling products will be manufactured through this facility. The company eyes substantial market share in the country and plans to export neighbouring countries.
Schwing Stetter India has always lead the Indian concreting industry with their strong market proposition. Additionally, the strong management capabilities will help XCMG to meet their growth targets and expectations in the Indian market as well.
Commenting on this investment, Mr. Wang Min, Group Chairman of XCMG China said, “We have been eyeing the robust Indian market for the past few years, because of the vast potential it possess. Moreover, our strategic partnership with Schwing Stetter who is already a pioneer in the Indian construction space is extremely valuable to us at this key juncture. We are sure that our products will reach the right audience in the Indian market through this partnership.”
Mr. Anand Sundaresan, Chairman, Schwing Stetter Sales & Services Private Limited said, “We are happy to be associated with XCMG to grow our businesses in the Indian market. Aligning with the Make-in-India initiative, our new facility will now manufacture Construction equipment and material handling products, thus enabling us to widen our product range. Our extensive reach across India, will help us build brand XCMG in the country.”
Founded in 1989, XCMG, formerly known as Xuzhou Construction Machinery Group, is the world’s fifth largest construction machinery maker. XCMG offers a combination of high quality construction machinery products and services and provides the customers with all-around systematic solutions. The products include construction hoisting machinery, earth-moving machinery, compacting machinery, road machinery, concrete machinery, fire-fighting machinery, and other construction machinery, of which multiple core products such as; the truck crane, truck-mounted crane, road roller, asphalt concrete paver, motor grader, cold planer, and water tower fire truck and construction machinery hydraulic parts occupy the highest share in the domestic market.
XCMG’s annual revenue exceeded RMB 100 billion in 2012, up from RMB 386 million at the time of foundation, keeping its first place in the industry. XCMG has established a marketing network covering the whole nation, and over 280 XCMG overseas agents have been set up to provide global users with all-round marketing service, so that XCMG products have been exported to 159 countries and regions around the world. XCMG boasts a marketing network with global layout and is one of the China’s biggest construction machinery exporters, with a first place ranking in the export market for multiple products including truck crane, road roller, and motor grader. The company earned accreditation across 100 countries and regions and commands an export volume of $560 million.
About SCHWING Stetter India Pvt Ltd:
Incorporated in June 1998, and commencing its manufacturing operations in 1999, SCHWING Stetter India is a 100% subsidiary of SCHWING Group of companies, a 1 Billion USD German Concrete machinery manufacturer and a part of XCMG group. SCHWING Stetter is a pioneer in manufacturing equipment for concrete preparation, placement, transportation and recycling.
SCHWING Stetter (India) Private Limited manufactures concrete batching plants, concrete mixers for transporting readymade concrete to construction sites, concrete pumps, concrete placing booms, tower cranes, self-loading mixers and recycling plants. We cater to infrastructure developers and also acts as an OEM supplier to various cement companies who offer Ready Mix Concrete. SCHWING Stetter group has its manufacturing units in 11 countries including Germany, Austria, USA, Brazil, Russia, China, Ostrava, India, sales and service centers in France, Netherlands, Austria and Sweden as well as representations in more than 145 countries worldwide.