Shandong Heavy Industry Group, the Chinese machinery conglomerate that makes everything from auto parts to bulldozers, said it planned to continue its overseas expansion after taking a €738m stake in German forklift maker Kion this week.
Shandong Heavyhas been on a buying spree this year – purchasing Italian yachtmaker Ferretti for €178m in January – as it seeks to expand its global footprint and acquire cutting edge technologies.
Tan Xuguang, chairman of Shandong Heavy, said in an interview that the state-owned company would keep pursuing overseas targets by using the group’s own cash flow. “I don’t quite like the word M&A,” Mr Tan said when asked whether the group was currently in talks for any new deals. “I always call it ‘strategic co-operation’.’”