Tan Xuguang Famous for Handling Weichai Overseas Acquisitions
2012-11-19 Source：www.chinabuses.org
Summarize：Tan Xuguang, the chairman of Shandong Heavy Industry Group-Weichai Group, is famous for his several overseas mergers and acquisitions. Mr. Tan said that despite the slumping global economy acquisitions will secure the company's future in the consumer market and expand its base in machinery.
www.chinabuses.org: Tan Xuguang, the chairman of Shandong Heavy Industry Group-Weichai Group, is famous for his several overseas mergers and acquisitions. Mr. Tan said that despite the slumping global economy acquisitions will secure the company's future in the consumer market and expand its base in machinery.
As we know, in January this year, Shandong Heavy Industry Group-Weichai Group acquired a controlling interest in luxury Italian yacht manufacturer Ferretti.SHIG-Weichai Group acquired a 75 per cent interest in the yacht maker through a total investment of €374 million, including equity investment of €178 million and provision of debt financing of €196 million, after the completion of the debt restructuring procedures.
In September 2012, Weichai Power and one of the global leading industrial forklift manufacturers and the world’s leader of hydraulic technology — Germany Kion Group signed strategic cooperation agreements. Weichai Power became the newest investor and strategic partner of Kion after KKR and Goldman Sachs, as both sides will cooperate intimately in the fields of material handling and hydraulic driving technology.
Tan Xuguang, Chinese, was born in 1961, senior economist and doctor of engineering. Mr. Tan joined Weifang Diesel Engine Factory in 1977 had held various positions including chairman and chief executive officer of Shandong Weichai Import and Export Co., Ltd. Etc. Now he is the chairman and Chief Executive Officer of Weichai Power Co., Ltd., chairman of Weichai Group Holdings Limited, and Chairman of Shandong Heavy Industry Group Co., Ltd.
Weichai, founded in 1946, is run largely by Communist Party appointees and has 50,000 employees. Its less luxurious products—diesel engines, transmissions, spark plugs and the like—are made in a plant in Weifang, a city that boasts one-tenth of China's chicken exports and a population of 8.5 million people. Shandong Heavy also owns engine maker Weichai Power Co., which is listed in Hong Kong.
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