Xugong Denies Tie-Up With Caterpillar
Posted on August 10, 2005Reports that Caterpillar is negotiating to purchase a 51% stake in Xugong Machinery have been denied by the Chinese manufacturer. “This story is totally without foundation,” said Zhang Jing Ming, export manager for Xugong’s parent company Xuzhou Construction Machinery Group (XCMG).
“We are forging ahead aiming to become an independent world brand in our own right,” he said. Zhang added that Xugong is not currently looking for foreign partners and is expecting to increase its export drive in the near future. Xugong is 51% controlled by XCMG, and both firms produce wheel loaders and rollers.