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Sany to move HQ to Beijing from Changsha (2)

By Zheng Yangpeng and Feng Zhiwei (China Daily)

09:40, November 23, 2012

The report said the board of directors and chairman's office of Sany Heavy Industry, and the group president's office will be among the first to move, starting no later than the end of December.

Of Sany's four core businesses located in Changsha - cranes, road construction machinery, port machinery and pumpover machinery - only the pumpover machinery business will remain in Changsha, the report said, with all three others moving to Beijing.

But a staff member from the group's publicity department told China Daily he could not confirm the report on when, and which branch, will move to Beijing.

The Xiaoxiang Morning Herald and industry analysts said the decision has been triggered by the enterprise's global ambitions. But the publicity officer could not confirm if the decision was related to the company's global strategy.

China's slowing economic growth is taking its toll on the construction equipment supplier. In the first three quarters of this year, Sany Heavy Industry's sales grew just 1.46 percent year-on-year, with sales in the third quarter even dropping 18.3 percent.

Chairman Liang said earlier this month in Beijing that the economic slowdown this year has affected the heavy-machinery industry to some extent.

Sany Vice-President He Dongdong said last month that as its domestic sales slowed, overseas sales grew strongly. Sany's exports surged 50 percent year-on-year between January and September.

The company has accelerated its international presence through mergers and acquisitions. In January, it agreed to acquire a 90 percent stake in Putzmeister, a German manufacturer of concrete pumps, for 324 million euros ($417 million).

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