Chinese construction equipment manufacturer Guangxi Liugong Machinery and representatives of Polish state-owned manufacturer Huta Stalowa Wola, a steel mill and manufacturing company and major producer of heavy construction machinery have signed a preliminary agreement for the sale of HSW’s civil arm to Liugong, according to Poland’s Radio Information Agency.
According to the agency, the final agreement will be signed in the first half of this year. For Guangxi Liugong, the acquisition is a gateway to European, North American and Russian markets. Liugong posted sales of about U.S. $2 billion in 2010. It has 20 production plants in China.