Caterpillar joins hand with Xingma Automobile to build an engine plant in China
According to reports, Richard Levin, vice president of Caterpillar, and Yao Keqiang, general manager of Caterpillar truck engines China region, signed an auto engine joint-venture agreement with Xingma Automobile.
A source from Xingma Automobile said.
"Although Caterpillar examined several enterprises, Xingma Automobile is very likely to sign the agreement".
He said Xingma Automobile proposed to build an engine plant as early as 2004, with investment of nearly 2 billion Yuan. Caterpillar and the company finally moved toward formal negotiations after two years of pre-inspections.
Anhui Xingma Automobile Group is a state-owned enterprise with four subsidiary companies: Anhui Xingma Automobile Co., Ltd., Anhui Hualing Auto Ltd., Hunan Xingma heavy-duty Auto Ltd., Tianjin Xingma Automobile Co., Ltd. Currently the Company has fixed assets of about 1.5 billion Yuan, with total assets of about 3.0 billion Yuan. Xingma Auto Ltd. got listed in A-share in Shanghai, March 2004.
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