Zoomlion Ramps Up Efforts to Strengthen Global Cooperation through BRI
Zoomlion, a leading equipment manufacturing company, is advancing its role in the Belt and Road Initiative (BRI) to promote global economic cooperation. The company has established R&D hubs and trade platforms in over 80 countries, significantly contributing to infrastructure projects like the Padma Bridge in Bangladesh and the Iconic Tower in Egypt. Despite pandemic challenges, acquisitions have led to a 30% revenue increase year-on-year across its acquired companies. Zoomlion aims for sustainable growth while respecting local cultures and regulations.
- Zoomlion operates in over 80 countries, enhancing its global presence.
- All acquired companies have achieved a 30% year-on-year increase in revenue.
- The acquisition of Cifa allows for enhanced technology development and market expansion.
- None.
CHANGSHA, China, March 16, 2022 /PRNewswire/ -- The China-proposed Belt and Road Initiative (BRI) has carved out a path for the world to consolidate economic cooperation by creating a platform for promoting multilateralism, inclusive growth, peace and cohesion. In line with the vision of BRI, Zoomlion Heavy Industry Science & Technology Co., Ltd. ("Zoomlion", 1157.HK), a leading high-end equipment manufacturing enterprise, is advancing its pledge to bring commercial and economic prosperity to the rest of the world through BRI, building a global community with a shared future.
While BRI is evolving into a beacon of economic growth for participating countries, Zoomlion has set up multiple R&D hubs and trade platforms across the globe and has been providing products and services in over 80 countries, serving customers in sectors including hydropower, nuclear power, road, and bridge construction. Its ongoing construction of BRI projects, designed for both commercial and cultural purposes, have been game-changers in those countries where they have fuelled connectivity, creativity, and trade activities. Landmark projects include Padma Bridge which is dubbed "the Dream Bridge of Bangladesh," Colombo Lotus Tower, and Iconic Tower in Egypt.
Zoomlion has made six acquisitions over the past few decades, through which the company has forged a greater creative synergy to drive innovation in the global machinery industry, unleashing new possibilities brought by its state-of-the-art technology to boost productivity and efficiency. Despite the lingering effects of the COVID-19 pandemic in 2021, all the companies acquired by Zoomlion have achieved 30 percent year-on-year increase in revenue, helping the local government to boost employment and tax revenue.
Zoomlion's acquisition of Compagnia Italiana Forme Acciaio SpA (Cifa), a leading machinery innovators and manufacturers based in Italy, demonstrated Zoomlion's five pillar management strategy of inclusiveness, rules, responsibility, co-creation, and sharing.
Cifa has been incorporated into Zoomlion's management system while maintaining its operational independence, which enabled the two companies to strengthen their mutual ties and respective prowess on the front of technology development, market expansion and production. Working in conjunction with Cifa's engineers, Zoomlion developed the world's tallest concrete pump with a 101-meter boom that still holds the Guinness World Record today.
"To generate sustainable growth and create a shared future, we need to deepen our localization strategy, respect and further integrate with local culture and regulations," said Zhan Chunxin, Chairman and CEO of Zoomlion.
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SOURCE Zoomlion
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