Zoomlion set up a subsidiary of 2.1 billion in environmental sanitation machinery
After announcing its plans to aggressively enter the sanitation vehicle market, Zoomlion began to integrate its environmental sanitation machinery business structure. The company announced that it will invest in the establishment of a wholly-owned subsidiary of Zoomlion Sanitation Machinery Co. , Ltd. in Changsha, with a registered capital of RMB 2.1 billion, and Zoomlion holds 100% of the equity of Sanitation Machinery Company. Sanitation machinery is a weak cycle market, and downstream demand customers are mainly municipal procurement, powerful enterprise groups, and airports. From the middle of last year, Zoomlion announced that it was the first to deploy environmental sanitation machinery. According to public information, the sales volume of this business in 2003 was 2-3 billion yuan, and it reached 2.0-3 billion yuan in 2010. Currently, Zoomlion’s market share in the national sanitation machinery sector is 60%, and it is in an absolute leading position. Zoomlion stated in the announcement that it will invest RMB 2.1 billion in cash and set up a wholly-owned subsidiary Sanitation Machinery Company. After the establishment of the environmental sanitation machinery company, Zoomlion will transfer the assets related to the environmental sanitation machinery business to them, and the transfer price is the book value of these assets as of January 31, 2012 totaling approximately RMB 1,943.28 million. After the transfer is completed, the environmental sanitation machinery business of Zoomlion will complete the conversion from branch to wholly-owned subsidiary.
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