STATEMENT: XCMG strengthens its global distribution network with a new agreement with Hungary

(Information sent by the signatory company).

STATEMENT: XCMG strengthens its global distribution network with a new agreement with Hungary

(Information sent by the signatory company)

XUZHOU, China, Dec. 23, 2022 /PRNewswire/ -- XCMG (SHE: 000425), one of the world's largest construction machinery manufacturers, has expanded its global distribution network by signing an agreement with PJ Machine Trade Hungary to provide local customers with equipment sales, rental and after-sales services, including earthmoving equipment, foundation equipment, mining equipment and other construction equipment.

This cooperation agreement will specifically help XCMG to significantly expand its European distribution network, while accelerating its market penetration in Hungary and neighboring countries.

"I would like to congratulate PJ on becoming a distributor for XCMG in Hungary," said Liu Jiansen, Vice President of XCMG Machinery and General Manager of XCMG Import.

PJ Machine Trade Ltd., a joint venture specialized in selling XCMG products in Hungary. In the ten days since the signing of the agreement between both parties, XCMG has won orders for 23 machines.

The Hungarian government has recently pursued a policy of energetic development of the country's construction industry, with solid results to date. In addition to equipment sales, Hungary also hosts a strong demand for rental equipment, an area of ​​interest for XCMG and PJK Machine Trade. Both sales and rental operations require a strong financing capacity. The Hungarian Central Bank will assist PJ Machine Trade in preparing the creation of a dedicated leasing company for the sale and leasing financing of XCMG equipment. In the future, the sales business will expand to seven countries around Hungary, so that XCMG's dealer coverage ensures strong coverage throughout Central and Eastern Europe.

"PJ is honored to be the Hungarian distributor for XCMG after signing the contract on the sidelines of the recently concluded Bauma 2022 event in Munich, Germany," explained PJ Machine Trade CEO Potik László. "Leveraging the global influence of the XCMG brand, PJ Machine Trade won more than 30 equipment orders at the fair. With the recovery of the world economy and the development of the construction industry in Hungary, we will make the most of our influence and gradually improve our network of channels".

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