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Concept
Zoomlion
Summary
Zoomlion Heavy Industry Science and Technology Co., Ltd. is a Chinese construction machinery and agricultural machinery manufacturer. Its headquarters are in the Zoomlion Science Park in Changsha, Hunan, China. Zoomlion is China's largest and world's fifth largest construction machinery enterprise.
Founded in 1992 as Changsha Hi-tech Development Area Zoomlion Construction Mechanical Industry Company, one of its first products were concrete pumps. The company grew out of a subsidiary founded in 1956 in Beijing, as part of the first Ministry of Machinery Industry, Ministry of Construction, Central Enterprise Work Committee.
Early development included the merging of several smaller, preexisting entities with Zoomlion including the former Concrete Machinery Research Office and remnants of the Changsha Construction Machinery Research Institute.
Marking its transition to a public company, Zoomlion made an initial public offering on the Shenzhen Stock Exchange on Oct 12, 2000, soon after acquiring ISO9001 certification.
A rarity at a time when developing country companies seldom acquired their developed country counterparts, Zoomlion bought the British company Powermole in the early 2000s.
In 2008, Zoomlion made another foreign acquisition with the purchase of Italian concrete machinery manufacturer, Compagnia Italiana Forme Acciaio SpA (Cifa), in an equity link-up with Goldman Sachs, Mandarin Capital Partners, and Hony Capital.
Having been previously featured in a 2001 CCTV documentary, an advertisement for the company was also presented on CCTV in May 2004.
In May 2013, Chinese newspaper New Express reported on alleged fraud at Zoomlion. This caused Zoomlion to temporarily suspend trading of its stock and later resulted in a 9% decrease in its share price. Zoomlion accused the reporter Chen Yongzhou of "damaging business interests" and he has since been arrested. In October, 2013, New Express published a large front-page plea for his release.
In August 2014, Zoomlion purchased a majority share in the agricultural machinery maker Chery Heavy Industry.
Official source
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