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20 January 2011

Guangxi LiuGong Machinery Co. Ltd (China) and Huta Stalowa Wola S.A.

The Preliminary Enterprise Acquisition Agreement was signed in the presence of Minister of Treasury Aleksander Grad and Director General at the Chinese Ministry of Industry and Information Technology Zhang Xiangmu

Guangxi LiuGong Machinery Co. Ltd (LiuGong), a Guangxi-based listed Chinese construction equipment manufacturer, has come to an agreement regarding transaction price and other important conditions into a Preliminary Enterprise Acquisition Agreement (PEAA) with Huta Stalowa Wola S.A. (HSW) over acquisition of assets of HSW involved in production of civil equipment (i.e. Division I, and its subsidiaries).


This preliminary agreement makes room for further negotiations leading to the final agreement, expected to be completed within the next few months, required inter alia to obtain necessary Chinese and Polish administrative and governmental approvals.


PEAA was signed in the presence of Mr Aleksander Grad – Minister of Treasury Republic of Poland and Mr Zhang Xiangmu – General Director of Equipment Department of Ministry of Industry and Information Technology People’s Republic of China by Mr Wang Xiaohua – Chairman of the Board of Directors in LiuGong and Mr Krzysztof Trofiniak – President of HSW.


Guangxi LiuGong Machinery Co., Ltd is one of top 500 Largest Industrial Enterprises in China. Since developing and manufacturing the first wheel loader in China in 1966, LiuGong product line has enlarged to cover wheel loaders, hydraulic excavators, rollers, pavers, motor graders and planers, skid steer loaders, backhoe loaders, forklifts, cranes, bulldozers, and pipe layers. LiuGong has also extended its business to 17 manufacturing locations in China, one factory in India, and 9 overseas subsidiaries including LiuGong Machinery Europe B.V. in the Netherlands. In addition to the Chinese market, LiuGong has developed 119 global dealers and 881 outlets covering over 80 countries, and more than 300 foreign employees have joined LiuGong. Through the continuous efforts in the past 50 years, the company has now become one of the leading construction machinery manufacturers in China and in the world.


Huta Stalowa Wola S.A. (the steel and defence equipment works) was founded in 1937. The construction machinery division was founded in 1952 and for 40 years has been one of the biggest machinery equipment suppliers in the Central Europe, specializing in heavy construction equipment (bulldozers, pipelayers, wheel loaders, crawler dozers, crawler loaders, backhoe loaders etc.). Apart from sales on the domestic market, HSW has been exporting its products to over 80 countries.


The Polish Government is implementing a program of privatization of state-owned companies which includes HSW Division I producing construction equipment. The privatization process was started in January 2010 and LiuGong was selected as preferred investor as the result of the public tender procedure.


The anticipated acquisition of Division I of HSW corresponds to LiuGong’s long-term development strategy and aims at establishing in Poland a major production and distribution centre, for the domestic and overseas markets including Europe, North America, and CIS. LiuGong intends to increase production as well as expand the product range of Division I which would inter alia be a result of expected investment programme. (Guangxi LiuGong Machinery & HSW)


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