LiuGong Completes First Overseas Acquisition
LiuGong Machinery Corp., based in Liuzhou, China, has finalised an agreement to acquire Huta Stalowa Wola (HSW) and its distribution subsidiary, Dressta Co, Ltd. The agreement was signed by both companies’ executives in Warsaw with celebration ceremonies following at the Baranów Sandomierski Castle in Baranów Sandomierski, Poland.
David Beatenbough, currently vice president of research and development for LiuGong, has been named chairman of the board of the new entity, LiuGong Machinery (Poland). The transaction is LiuGong’s first outright acquisition outside its domestic market.
HSW is a respected producer of bulldozers and other crawler machines. It is one of only seven manufacturers worldwide producing a complete line of bulldozers, from 74 Hp to 520 Hp. The Polish government was the primary owner of HSW. It agreed in principal to sell to LiuGong earlier this year with the signing of a preliminary enterprise acquisition agreement in Beijing, China.
HSW chairman Krzysztof Trofiniak said, “Both companies have a long and rich history, a passion for quality and excellence, and a deep desire to create success for employees, dealers and customers. Through this formula, we want to create opportunity for everyone who associates with us.”
LiuGong’s product line includes forklifts and truck-mounted and crawler cranes.