Sany to increase investment in US

Updated: 2011-10-22 16:28


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China's Sany Group plans to invest more in its US branch next year as the engineering machinery giant eyes a bigger market share in North America, group chairman Liang Wengen said.

Sany will invest another $25 million next year for an R&D facility in Peachtree City, Georgia, Liang said when meeting with Governor Nathan Deal who was on a visit to central China's Hunan province.

The move will add 300 jobs in Sany's US branch, which currently employs 130 people, mostly Americans.

Hunan-headquartered Sany had completed an investment of more than $40 million in its main infrastructure in Georgia earlier this year. Another $13 million was invested to develop a series of new products -- including crawler cranes and rough terrain cranes -- for North American markets.

Liang said that sales of Sany's US branch is expected to reach 100 million yuan ($15.6 million) this year and that North America will become the group's key overseas market in five years.

Sany Group is the world's sixth largest machinery maker and Liang, also the group's founder, was named the wealthiest person in China's mainland on the Hurun Rich List 2011, with a fortune of $11 billion.

Sany has overseas operations in the US, India, Germany and Brazil. It plans to raise its global sales to $50 billion by 2015, with overseas markets contributing 25 percent to 35 percent of the total.

"Sany has plans to invest in 30 countries in the near future as globalization has become an important part in our growth," group executive Xiang Wenbo said in Kuala Lumpur last month.