Zoomlion Bolsters Overseas Market with Localization Strategy, Driving Leapfrog Growth
Accelerated International Collaborations and partnerships propel the company towards high-quality, sustainable development
CHANGSHA, China, Oct. 13, 2023 /PRNewswire/ -- Zoomlion Heavy Industry Science & Technology Co., Ltd. ("Zoomlion"; 1157.HK), a global frontrunner in high-end equipment manufacturer, is accelerating its localization in overseas markets and strengthening cooperation with global partners to boost its international business development. In a bid to further foster seamless collaborations, Zoomlion's chairman and CEO, Zhan Chunxin, recently visited Zoomlion subsidiaries in Indonesia and the Gulf region of the Middle East, as well as CIFA in Italy, M-TEC, RABE and Wilbert in Germany.
Zoomlion is thriving in the overseas market – in 2022, Zoomlion's total revenue in overseas markets amounted to 9.992 billion yuan (US$ 1.37 billion), marking a 72.6% annual growth. This momentum continued into 2023, with a 115% year-on-year revenue rise in the first half.
Mergers and acquisitions are a key strategy for Zoomlion in overseas markets. By strengthening coordination with foreign subsidiaries, Zoomlion has promoted win-win cooperation. The company has expanded international development by upgrading overseas manufacturing bases.
Founded in 1928, CIFA is a leading global concrete machinery manufacturer. Zoomlion acquired CIFA in 2008, integrating resources to achieve results in concrete technology and production. Following Zoomlion's integral layout, CIFA expanded into areas including construction hoisting machinery, industrial vehicles, aerial working platforms, and more. This significantly improved CIFA's competitiveness in global markets.
Zoomlion is transforming its overseas model, combining global perspectives with local strategies. The company now has 30 operational hubs worldwide. Since being established in 2007, its UAE subsidiary has become a central platform overseeing the Middle East for administration, warehousing, parts, service and logistics. Its pivotal role is evident, with 2023 first-half sales in UAE and Saudi Arabia surging over 200% year-over-year.
Zoomlion is also supporting the sustainable development of the agricultural industry in Southeast Asia. In September, the company partnered with the Lao Ministry of Agriculture to enhance technological collaboration, set machinery standards in Laos, and teamed up with PT Java Seed Indonesia to establish an advanced agricultural machinery facility in Indonesia.
On September 28, as Zoomlion celebrated its 31st anniversary, Chairman Zhan paid a visit to M-TEC in Germany, and highlighted the group's three-decade journey of innovative and international progress.
"Zoomlion's steady, high-quality journey toward innovation, openness and global growth is a testament to our entire team's dedication," said Zhan. "As we advance the strategic global layout and build up the three major industry sectors of construction machinery, agriculture machinery and intelligent agriculture, and new construction materials, our goal is for overseas business to represent over 50% of total operations. As always, we remain committed to supporting our international subsidiaries," added Zhan.
SOURCE Zoomlion
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