Yongmao to make tracks in rival takeover
Fushun Yongmao Construction Machinery has acquired rival FMC for an undisclosed sum.
Chinese tower crane manufacturer Fushun Yongmao Construction Machinery has acquired local rival Fushun Engineering and Machinery (FEM) for an undisclosed sum.
The former state-owned FEM will sign over its intellectual property and technical experts as part of the deal. FEM is best known for its range of tracked crawler cranes - a line that Yongmao is keen to expand.Ãƒâ€šÃ‚Â Both companies are based in the city of Fushun, Liaoning province, China.
Yongmao is keen to have all it machinery built to international standards and it is likely that former FMC products will soon bear the CE mark.
Low prices and fast delivery times has seen an explosion of Chinese cranes across the Gulf, where western brands struggle to keep up with demand. Last year, Dubai-based House of Equipment won the contract to supply a dozen Yongmango cranes to the Meydan racing complex in Dubai.Ãƒâ€šÃ‚Â Waiel Manfalouti, general manager of House of Equipment said "The Yongmao Tower Cranes have CE approval, meaning they meet all EU requirements, and the CE mark was a key reason why we won the contract." In total, 150 Yongmao towers were sold throughout the region in 2007.
Fushin Engineering and Machinery is the smallest of three crane companies based in the same city. Confusingly, Fushin Excavator CorporationÃƒâ€šÃ‚Â Ltd, who were not part of this deal, also make crawler cranes painted bright red - similar to their rival.