On day one of Bauma 2016, LiuGong announced its intention to drive forward its globalization plans, in the face of continuing weakness in the Chinese construction market.
Chairman Mr Zeng Guang'an said that the last year had been ‘challenging’ for Liugong, due primarily to the seven-year decline in China’s construction equipment industry.
With this in mind, he said, “It’s time for us to adjust our position and focus on the key opportunities globally”.
He spoke of a series of changes that have been in motion throughout 2015, including adjustments to the company’s internal organization.
“I believe,” he said, “that our ability to harness new technology will help our progress.”
Mr Zeng said Europe was currently at the heart of LiuGong’s growth strategy, saying it was a market of opportunity and challenge for the company.
He also revealed that overseas markets currently equated to some 65% of LiuGong’s global revenue, givng the example of LiuGong India, which moved into profit in 2015, after six years of operation.