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Article: XCMG CONSTRUCTION MACHINERY & PARENT TO FORM SUBSIDIARY
- Article from:
- AsiaInfo Services
- Article date:
- November 10, 2009
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AsiaInfo Services
11-10-2009
XCMG Construction Machinery & Parent to Form Subsidiary
XUZHOU, Nov 10, 2009 (SinoCast Daily Business Beat via COMTEX) -- Chinese machinery equipment maker XCMG Construction Machinery Co., Ltd. (SZSE: 000425) recently announced that it would set up a machinery subsidiary with its largest shareholder Xuzhou Construction Machinery Group (XCMG).
XCMG, a leader in the Chinese construction machinery industry, will inject assets related to such products as crawling cranes and cement machines into the subsidiary. On November 10, the injection scheme is approved by the Shenzhen-listed company's board.
In fact, XCMG Construction Machinery has started purchasing assets ...