XCML to enter heavy-duty truck market

Chinas leading engineering machinery manufacturer, Xuzhou Construction Machinery Science & Technology Co., Ltd. (XCML), plans to enter the heavy-duty truck market. After announcing that it will sell a 20% stake in Xuzhou Construction Machinery Group Import & Export Co., Ltd. to majority shareholder Xuzhou Construction Machinery Group Co., Ltd. (XCMG) for 157.7274 yuan million (US$23.15 million), XCML said it intends to purchase a 60% stake in Nanjing Chunlan Auto Manufacturing Co., Ltd. from Jiangsu Chunlan Motorcycle Co., Ltd. Nanjing Chunlan is a medium-and heavy-duty truck maker in Jiangsu Province. The acquisition price will be based on a June 30 reference date, XCML said. (July 11, 2008)