Trumpf buys controlling share of Yangzhou tool maker

By Richard Fu | October 18, 2013, Friday |

Online Edition

German machine tool maker, Trumpf, has acquired a majority stake in a privately-owned Chinese company to expand its China market share.

The purchase of a 72 percent stake in Jinfangyuan CNC Machine Co in Yangzhou, Jiangsu Province also underscores Trumpf’s confidence in the Chinese market in the long term despite the current slowdown in the economy.

Trumpf chairman Nicola Leibinger-Kammueller told reporters today that the Yangzhou company will retain its Jinfangyuan brand and the German company will help it win more international orders following the purchase.

Jinfangyuan currently sells 10 percent of its products to foreign markets. Its revenue fell from about 800 million yuan in 2011 to 600 million yuan in 2012 due to a cooling economy, said Mi Zhongye, its chairman.

But sales have picked up 10 percent so far this year, he said, outperforming the majority of the industry.

“While the economy is slowing down, we see more development potentials for China’s manufacturing industry over the next 10 years,” he said.

Manufacturing

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Trumpf buys controlling share of Yangzhou tool maker

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