Signing Ceremony for Zoomlion's Acquisition of Dutch Company Raxtar Held in Shanghai

On August 8, a signing ceremony was held in Shanghai's Jin Mao Tower for the acquisition of Dutch hoisting machinery company Raxtar by the leading enterprise in China's equipment manufacturing industry, Zoomlion Heavy Industry Science & Technology Co., Ltd. The move, which has attracted worldwide attention and received an enthusiastic response from the industry, marks an important step in Zoomlion's efforts to become a world leader in the field of construction hoisting machinery. 

Nearly 200 people were present at the signing ceremony, including Raxtar's General Manager Mr. Pascal Matheeuwsen and Technical Director Mr. John Blok, Zoomlion's Vice President Mr. He Wenjin, Zoomlion's Vice President and General Manager of the Hoisting Machinery Branch Company Ms. Huang Qun, as well as members of the management teams of Zoomlion and Raxtar, their global customers and the media. 

Zoomlion's Vice President Mr. He Wenjin said that despite increasingly fierce international competition, China's slowing economic growth, and a "trough" in the construction machinery industry, Zoomlion continues to adhere to its established international strategy. He also said that its acquisition of the world's leading hoisting machinery company, Raxtar, shows Zoomlion's complete confidence in the future of the Chinese and international construction machinery markets and its commitment to the strategy of helping Chinese machinery "go global." 

Raxtar is one of the world's leading hoist companies, combining development, production and sales. Its products cover construction hoists, transport platforms, material hoists and industrial lifts. Raxtar's construction hoist products have been used in the construction of international benchmark projects including the World Trade Center in New York. 

Zoomlion's Vice President and General Manager of the Hoisting Machinery Branch Company Ms. Huang Qun added that Raxtar's products use international technology and come with a world-class quality assurance, and the company possesses world-leading ideas and technology. She went on to say that Zoomlion's acquisition of Raxtar and its many years of extensive experience in international production, R&D and high-end marketing will greatly enhance the competitiveness and brand influence of Zoomlion Hoisting Machinery Branch Company in the global market. She concluded that she foresees that Zoomlion construction hoists will continue to lead the construction hoist market in China and will go on to reshape the international market in the near future. 

An industry expert at the ceremony stated that momentum in China's hoisting machinery industry is very strong, but a number of problems still exist, namely low technology content, poor quality equipment, a lack of strong technology and poor service levels. Moreover, mechanical hoist products have a 200-year history in Europe, which means there are extremely strict requirements concerning the development and application of core technologies as well as demanding product safety and reliability standards. Zoomlion's decision to cooperate with Raxtar amid a slowdown in the overall development of the industry will provide a significant boost to Zoomlion, and it affirms the company's commitment to the historic mission of leading the development and revitalization of the construction machinery industry. 

While answering questions from the media, Raxtar's representative enthusiastically stated that Raxtar has always focused on enhancing the intrinsic value of products from the perspective of design and technology, and that this partnership will help Zoomlion improve its products and brand impact as well as provide its global customers with completely new construction hoist and vertical lift solutions on the basis of existing levels of quality and technology. 

Raxtar's representative went on to say, "Under the new organizational structure, we will set up R&D centers in China and Europe, and the two sides will work closely in order to understand the needs of customers in different markets worldwide. None of our competitors are as well placed to understand customer needs through localization and to tailor solutions according to customer needs while sharing technology and benefits on a global scale." 

Zoomlion's acquisition of Raxtar is being carried out in line with the principle of bringing mutual benefit to both parties, with the main focus of cooperation being on improving the product spectrum, developing an international strategy, and accelerating mergers and acquisitions. A global customer at the ceremony who understands Zoomlion's development history commented that Zoomlion's Chairman Mr. Zhan Chunxin is implementing the objective outlined this year by the Chinese government of climbing the high-end value chain in the manufacturing industry. 

Tang Shaofang, Deputy General Manager of Zoomlion Hoisting Machinery Branch Company and General Manager of Zoomlion's hoist division in Shanghai, stated, "This acquisition will bring in international advanced technology, which will improve operational performance, enhance service value and reduce lifting costs, thereby meeting customer requirements for increasing value and reducing cost. This will strengthen our ability to provide customers with hoisting machinery services and increase market satisfaction and loyalty. It will also guarantee the development of Zoomlion's hoisting machinery." 

Zoomlion is considered the "cradle" of China's hoisting machinery industry. From laying the foundation of tower crane technology in China, to obtaining a 20% share of the global tower crane market; from developing the world's largest mobile crane, to developing the world's largest topless tower crane; from chairing the ISO/TC 96 Cranes Technical Committee, to setting industry standards, Zoomlion has a history of being based in China, expanding globally, and gaining a worldwide reputation.