In response to the national rural revitalization strategy and rural construction needs, the implementation of the new and old kinetic energy conversion project in Shandong Province, approved by the provincial and municipal governments, the State-owned Assets Supervision and Administration Commission, Weichai Holding Group Co., Ltd. (hereinafter referred to as “Weichai Group”) recently transferred to Lovol Heavy Industries Co., Ltd. (hereinafter referred to as “Leiwo Heavy Industry”) has 20.84% of the state-owned shares and has appointed two members of the Board of Directors of Lovol Heavy Industries in accordance with the Articles of Association.
Lovol Heavy Industry is a well-known agricultural equipment manufacturing group in China. It currently employs more than 15,000 people and has operations in more than 120 countries and regions around the world. It can provide a complete set of agricultural solutions for “cultivation, planting, management and harvesting” in the agricultural machinery field. It sells 70,000 whole machines and is one of the leading enterprises in China’s agricultural equipment market.
Through this equity transfer, Weichai Group will realize efficient and coordinated research and development with Lovol Heavy Industries, relying on the core industrial resources of Weichai Power’s high-end non-road full range of engines, CVT powertrain and hydraulic powertrain to complement the Lovol Heavy Industries The shortcomings of the core competitiveness of the assembly will fully promote the large-scale agricultural equipment of Lovol Heavy Industries to the high end and effectively improve the market competitiveness. Revo Heavy Industries’ annual demand for market engines is about 70,000 units.