Weichai Holding Group and Kogel Sign a Cooperation Agreement
- Strategic cooperation in development and production of semi-trailers
HANOVER, Germany, Sept. 20, 2012 /PRNewswire/ -- Weichai Holding Group Co. Ltd., one of the largest commercial vehicle and automotive manufacturers in China, and the German trailer brand Kogel signed a Letter of Intent (LOI) at the IAA Commercial Vehicle Exhibition. The two partners agreed to long-term collaboration in semi-trailer manufacturing where both partners will contribute with their respective strengths.
The official ceremony took place today on the Kogel exhibition stand at the commercial vehicle exhibition IAA in Hanover, Germany. The Letter of Intent was signed by Tan Xuguang, Chairman and CEO of Weichai Holding Group and Ulrich Humbaur, owner of Kogel.
"Today is another important milestone for Kogel, the renowned trailer brand. The cooperation with Weichai is an essential part of our global growth strategy," says Ulrich Humbaur. "Kogel has an excellent reputation in China for decades thanks to our innovative and high-quality semi-trailers. We are continuing to build on this. We have found the ideal partner in Weichai."
"Weichai has a pioneering role in the market as a result of their resources and product diversity. Our core business is the production of entire drive trains, the so-called golden three section chain for heavy trucks, buses and ships. Weichai is expanding its product line as a result of the cooperation with Kogel," says Tan Xuguang. "China offers a huge market and cost advantages in the production of trailers. Both companies will be strengthened and they expect growth in sales, together with expansion of international recognition."
About Kogel
Kogel is one of the three leading trailer manufacturers in Europe. Since its foundation in 1934 it has produced more than 500,000 vehicles. With its commercial vehicles and solutions for the forwarding and construction industries, the company can offer all the benefits of 75 years' worth of engineering quality "made in Germany". Since that time it has maintained its passion for transport and innovation, thus enabling it to offer proven long-lasting added value for freight forwarders. Company Headquarters and Main Production Facility of Kogel Trailer GmbH & Co. KG is in the Bavarian town of Burtenbach. In addition Kogel also has plants and premises in Neu-Ulm (Ger), Duingen (Ger), Chocen (Cz), Moscow (Rus), St. Petersburg (Rus) and in Turkey. By the efforts of its approximately 1,000 employees, it achieved a sales figure of about euro 250 million in 2011.
About Weichai Holding Group
Weichai was founded in 1946 and is one of the leading Chinese group of companies in the commercial vehicle and automobile supplier industry. The concern employs more than 50,000 staff all over the world and achieved an operative profit of 53.6 billion Yuan (700 million Euros) in 2011.
In 2011, the company was 93rd in the "Top 500 Chinese companies", 35th in the "Top 500 Chinese manufacturing industries", 7th in the "Top 500 China Machinery Industry and 2nd in the "Top 100 Top China Machinery Industry".
The company is active in four main business sectors: Vehicles, drive trains, car parts and luxury yachts. This means that it has the most varied product range in the sector. The interdisciplinary sector-spanning and international company has subsidiary companies and branches in Europe, North America, South-East Asia and other areas. In China, the company is represented in Shandong, Shaanxi, Hunan, Hubei, Chongqing, Jiangsu, Shanghai, Beijing and other provinces and towns by its own subsidiary companies. The subsidiaries Weichai Power Co., Ltd (HK2338, SZ000338) is a company quoted on the stock markets in Shenzhen (A) and Hong Kong (H). In addition, it is the only company that produces both heavy commercial vehicles and drive trains (engines, gearboxes, axles) and automobile electronics as well as automobile parts. The group of companies also includes the subsidiary Weichai Heavy Machinery Co., Ltd, (SZ000880). Its portfolio includes series engines for ships and power generation plant and has been quoted on the stock market in Shenzhen since April 2007. Weichai Power has taken over the company Torch by an exchange of shares. On the 10th. January 2012 Weichai took over the world's largest manufacturer of luxury yachts, Ferretti. This not only extends its range but also strengthens its international development.
Shandong Heavy Industry Group is one of the most well-positioned manufacturers of industrial equipment, with complete added value chains of industrial commercial vehicles and construction machinery of the highest quality. The group includes four subsidiaries quoted on the stock exchange, Weichai Power (2338HK/000338SZ), Weichai Heavy Machinery (000880SZ), Yaxing Motor Coach (600213SH) and Shantui Construction Machinery (000680SZ), the largest bulldozer manufacturer in the world. In 2011 the group generated a turnover of 122.5 billion RMB (19.4 billion USD, 15.4 billion EUR) and a profit of 8.6 billion RMB (1.4 billion USD, 1.1 billion EUR) and employs 60,000 employees all over the world.
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