A new opportunity for the development of China's construction machinery under the wave of overseas mergers and acquisitions
at the beginning of the 2012 new year, there was a surging tide of overseas mergers and acquisitions. Sany, Liugong, XCMG, Shanzhong... A series of overseas mergers and acquisitions came one after another, dazzling people. In fact, overseas M & A has a long history, and we are not unfamiliar with it. It is only 20 years back. Chinese enterprises often play the role of being M & A in cross-border M & A cases. Nowadays, the tide of cross-border mergers and acquisitions led by China's construction machinery manufacturers is a sign of the gradual maturity of China's construction machinery enterprises and an inevitable choice for the development of enterprises in the form of China's economic globalization. The weakness of the U.S. economy and the spread of the European debt crisis have provided a good opportunity for Chinese construction machinery enterprises to make overseas mergers and acquisitions. Some enterprises have seized this opportunity and laid a solid foundation for the transformation of Chinese construction machinery from "manufacturing" to "intelligent" in the wave of competition for the development of construction machinery
since the "Dongfeng" of global construction machinery, overseas mergers and acquisitions have become a general trend.
from more than a decade ago, the Chinese engineering agency market was 90% occupied by foreign industry giants such as Caterpillar and Komatsu, to now 90% owned by Chinese construction machinery. Under the circumstance that the Chinese market accounts for more than half of the global market, such a huge change makes the status of Chinese construction machinery enterprises more and more important in the global industry. The focus of the global construction machinery industry has accelerated to the East, and the conditions for overseas M & A of China's construction machinery have been gradually enriched
take Putzmeister as an example. In 2007, the operating revenue was 1billion euros, and then decreased year by year. In 2010, it has dropped to 550million euros, and the net profit was 1.5 million euros. In contrast, Sany Heavy Industry had an operating revenue of 8.36 billion yuan in 2007, about 990 million euros, and reached 33.95 billion yuan in 2010, equivalent to 4.02 billion euros, with a net profit of 710million euros
similar changes occurred between schweiying and XCMG machinery, western France and Zoomlion, Poland HSW and Guangxi Liugong. From 2005 to 2011, an important trend in the ranking of the top 50 in the global construction machinery industry is that, except for a few old strong players such as Caterpillar and Volvo, the ranking of European and American enterprises has generally declined, while the development trend of Chinese enterprises is blowout. In this process, overseas mergers and acquisitions are increasingly used by Chinese construction machinery companies
2012 overseas M & A of Chinese enterprises may become more and more intense
2012 a series of overseas M & a information came one after another, which can not help but remind people of a series of M & A events in the construction machinery industry in recent years
in September, 2008, Zoomlion and its partners paid a total of 250million euros to acquire 100% of the equity of western France, the third largest company in the world. This acquisition made Zoomlion leap from the fifth place in the global industry to the largest concrete machinery manufacturer in the world
in July, 2011, XCMG machinery acquired two hydraulic parts manufacturers located in Germany and the Netherlands respectively
in January, 2012, Shandong Heavy Industry Co., Ltd. spent 374million euros to acquire 75% of the controlling interest of Italian Faraday group, a global luxury yacht giant
on January 10, 2012, Guangxi Liugong signed a conditional acquisition agreement with Polish construction machinery enterprise HSW, spending RMB 335million to acquire the civil construction machinery division of Polish HSW
on January 21, 2012, Sany signed a merger agreement with Putzmeister, Germany. Sany and its partner jointly invested 360million euros, and this phenomenon has been common to acquire 100% of the equity of Putzmeister
XCMG Machinery Co., Ltd. is in intensive discussions with schweiying of Germany on mergers and acquisitions...
the trend of overseas mergers and acquisitions in China's construction machinery industry is gradually rising. According to the report released by PwC in Beijing, the number and amount of overseas mergers and acquisitions of Chinese enterprises in 2011 reached a record, with 207 transactions, amounting to US $42.9 billion. In 2012, the momentum of M & A has become more intense, and many of the acquisition objects are world-class enterprises
new opportunities for the development of China's construction machinery under the wave of overseas mergers and acquisitions
Putzmeister, Germany, is one of the world's most famous construction machinery manufacturers, especially in the field of concrete pump truck manufacturing, which has long been in the leading position in the world. In addition to its advantages in the manufacturing field, its sales network also covers 154 countries and regions around the world. In the past few decades, Putzmeister's global market share has been as high as about 40% for a long time
however, facing the sudden financial crisis, this "century old store" was not spared. In 2009, Putzmeister was in deep crisis and its business volume decreased sharply. It was not until 2010 that it began to make profits again. Last year, as soon as the news of the intention to sell Putzmeister in Germany came out, many construction machinery enterprises around the world immediately waited for the opportunity. Finally, in this fierce competition, Sany won the first place. What is the most important thing for Sany to bring the "elephant" of the industry under its command? Xiangwenbo from Sany Heavy Industry told us that the value of this enterprise to us is not a product, but a strategic acquisition. The brand, technology and global sales and service system it brings can not be measured by economy
the acquisition object of Guangxi Liugong - Polish HSW company, founded in the 1930s, is one of the largest construction machinery manufacturers in China and Europe, mainly producing military products and construction machinery products. This 80 year old enterprise is famous for producing high-quality bulldozers. It is one of the most complete bulldozer product lines in the world. At the same time, it is an expert in gearbox design. It has a skilled R & D and production team. These advantages will promote the rapid development of Guangxi Liugong bulldozer and other business sectors
overseas M & A risks and opportunities coexist
investment must be accompanied by risks, and M & A is not equal to income. For example, in the early 20th century, the overseas M & A of Chinese enterprises was still in the exploratory stage, which was still immature. The understanding and understanding of M & A of large enterprises with very large polyurethane consumption in China's automotive interiors have become mature and rational, but the risks are still in M & a, which still needs to be cautious
caikuiquan, President of Xiamen Machinery Co., Ltd., said in an interview: "in fact, M & A is a very big topic. From the perspective of Chinese entrepreneurs," we should first explore overseas markets and adopt a model similar to that of developing domestic markets. We should learn from the advanced experience of foreign countries. If our products are good, there will be no problem in exporting them. But for example, in the 1970s and 1980s, Europe and the United States were tightening import policies and raising tariffs on new functions that could not or could not be achieved before. In such an environment, when exports are unfavorable, we should consider building factories locally. Initially, we will not build a large factory, but expand it step by step. In this process, we need talent localization and various cultures. Like China, we should learn the culture of that country and their habits. After conducting all kinds of research, including talent research, we can send Chinese employees. For the acquired enterprises, our operating capacity is often insufficient, so we can not operate. For example, it was really difficult for us to acquire European and American enterprises at the beginning of business. We had a lot of experience of failure. There are not many successful acquisition cases of enterprises around the world. We must have a clear goal: why we need that enterprise; Whether it can hold shares; Whether the problem of funds can be solved or not should be considered. Therefore, we should be cautious about the acquisition of overseas companies. It is not so easy. "