Liugong hits double milestone
By Chris Sleight02 June 2010
Liugong, one of China's largest construction equipment manufacturers has sold its 200000th machine and has also passed the milestone of exporting 15000 units. The company plans to more than double its sales over the next three years.
Speaking at the ceremony in Beijing, China, company president Zeng Guang An outlined plans to increase revenues from 2009's level of CNY 10 billion (US$ 1,46 billion) in 2009 to CNY 26 billion (US$ 3.8 billion) in three years' time. Mr Zeng said this growth would be driven by demand both at home and on export markets.
"China has potential huge market. It is good opportunities for sales of Liugong's excavators, cranes, road building equipment, dozers, forklifts and so on. The next five years is very important period for Liugong's globalisation. During the past six years, we have set up 90 dealers in overseas markets along with a sales network, after sales support, and parts supply system in different regions in the global market," he said.
As well as further organic growth in new markets, vice president & CFO Li Dong Hui confirmed the company expected to expand through acquisitions. "In 2010 Liugong will finish at least one major acquisition in both the domestic and overseas markets," he said.