Schwing, Xuzhou form partnership
| July 20, 2012
Schwing and Xuzhou Construction Machinery (XCMG) finalized the strategic partnership they announced in April. Under this agreement, XCMG will gain a majority of the shares in Schwing. Gerhard Schwing, CEO of Schwing , and Wang Min, Chairman of XCMG, signed the contract in Essen, Germany, on July 6.
The parties agreed on confidentiality of the financial details of the transaction.
Schwing and XCMG will secure the German operations for at least five years. The Schwing management under CEO Gerhard Schwing will continue to act independently from Herne going forward.