China's Xuzhou Construction Machinery Group, or XCMG, has acquired a majority stake in Germany’s Schwing Group GmbH, news agency Reuters says. The deal confirms earlier reports in ENR during the "World of Concrete" show in Las Vegas.
German management will remain in charge, said XCMG Chairman Wang Min in a statement. The 78-year-old Schwing brand is a critical part of XCMG’s “strategic development" for expanding into lucrative Asian markets, the company said.