00221910dbbd1606e3ad56.jpg (Photo : Xinhua)
China's Sany Heavy Industry Co. Ltd. is looking to increase the overseas segment of its revenue from 30 percent to more than half. The announcement occurs after a promising 2014, which yielded greater levels of demand after the negative impact of the 2011 economic stimulus.
The company also announced a $200 million order from Venezuela on Dec. 25, Thursday, which laid stronger foundations for further deals with emerging markets.
Thursday's deal with the Venezuelan firm Corpovex follows on from President Xi Jinping's visit to Brazil in July, when Sany officially confirmed an investment of $300 million into a Brazilian plant. In light of its success in South America's emerging markets, Sany has added the Middle East and Africa to its crosshairs, which are intently focused on rapid urbanization and large infrastructure construction projects.
Sany's keen eye for other Corpovex-like deals is also influenced by a rough 2014, in which a 48.34-percent decline in net profit was recorded in the first half of 2014, based upon a comparison with the same time period last year.
Furthermore, the company's business revenue of 19.72 billion yuan, also recorded during the first half of 2014, was 10.7 percent lower than the same period in 2013.
However, industry experts believe that Chinese companies like Sany will become major players in the global heavy machinery market. According to Pan Chao, from the Investment Co investment firm, the upgrading of technology is a significant factor for the growth of China's sector.
After acquiring two German firms in 2012, Sany also shares a sense of optimism, citing "continuous improvement in the country's regional, industrial and urban-rural structure."
Sany was the global leader in the sale of concreting machinery in the first six months of 2014.
