- Zoomlion reinforces the foreign market with a localization strategy, driving accelerated growth
Accelerated international collaborations and partnerships drive the company towards high-quality and sustainable development.
CHANGSHA, China, Oct. 14, 2023 /PRNewswire/ -- Zoomlion Heavy Industry Science
Zoomlion is thriving in the overseas market: In 2022, Zoomlion's total revenue in overseas markets amounted to 9.992 billion yuan (1.37 billion US dollars), representing an annual growth of 72.6%. This momentum continued into 2023, with revenue up 115% year-over-year in the first half.
Mergers and acquisitions are a key strategy for Zoomlion in overseas markets. By strengthening coordination with foreign affiliates, Zoomlion has promoted win-win cooperation. The company has expanded its international development by improving its overseas manufacturing bases.
Founded in 1928, CIFA is a world-leading manufacturer of concrete machinery. Zoomlion acquired CIFA in 2008, integrating resources to achieve results in cement technology and production. Following Zoomlion's comprehensive design, CIFA expanded into areas including construction lifting machinery, industrial vehicles, aerial work platforms and more. This significantly improved CIFA's competitiveness in global markets.
Zoomlion is transforming its model abroad, combining global perspectives with local strategies. The company now has 30 operating centers around the world. Since its establishment in 2007, its subsidiary in the UAE has become a central platform overseeing the Middle East for administration, warehousing, spare parts, services and logistics. Its critical role is evident: H1 2023 sales in the UAE and Saudi Arabia increased more than 200% year-over-year.
Zoomlion also supports the sustainable development of the agricultural industry in Southeast Asia. In September, the company partnered with the Lao Ministry of Agriculture to enhance technology collaboration, establish machinery standards in Laos, and partnered with PT Java Seed Indonesia to establish an advanced agricultural machinery facility in Indonesia.
On September 28, as Zoomlion celebrated its 31st anniversary, President Zhan paid a visit to M-TEC in Germany and highlighted the group's three-decade journey of innovative and international progress.
"Zoomlion's consistent, high-quality journey toward innovation, openness and global growth is a testament to the dedication of our entire team," Zhan said. "As we advance the global strategic layout and build the three major industrial sectors of construction machinery, agricultural machinery and smart agriculture, and new construction materials, we aim for overseas business to account for more than 50% of the total operations. As always, we remain committed to supporting our international subsidiaries," Zhan added.
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