The West

VDM Group will set up a joint venture company with Chinese giant SANY in Australia for the lease, sales and service of heavy construction equipment.

The two parties have signed a letter of intent to establish a joint venture company with VDM holding a 49 per cent stake and SANY holding a majority 51 per cent stake.

A statement from VDM's board said: "SANY and VDM are completely aligned in their commitment to offering competitively-priced quality and innovative products and delivering excellence in customer service.

"We are confident SANY will become a significant player in the Australian construction equipment market."

SANY is one of the world's largest construction machinery manufacturers with 2012 revenue of about $US7.5 billion.

SANY operates in 150 countries and has five industrial parks in China as well as four R&D and manufacturing centres in the United States, Germany, India, and Brazil.

VDM is majority owned by two Chinese entities, H&H Holdings and Kengkong Investments.

VDM shares were off 0.1 cent, or 7.14 per cent, to 1.3 cents at 12.50pm.

The West Australian

Latest News From The West

Former Perth Wildcats star Kendal “Tiny” Pinder raped a young basketball fan in his home after taking her out for lunch for her birthday in the 80s, a court has been told.

A woman whose back was broken after she was thrown into the air while on a dolphin-watching cruise near Rockingham has taken the tour company to court, claiming the skipper of the boat was negligent …

Popular videos