China Yuchai Forms Joint Ventures to Penetrate
European Off-Road Engine Market
Singapore, Singapore, April 9, 2015 China Yuchai International Limited (NYSE: CYD) (China
Yuchai or the Company), announced today that its main operating subsidiary, Guangxi Yuchai
Machinery Company Limited (GYMCL), has entered into an agreement to form a new joint venture, YC
Europe Co., Ltd. (YC Europe), in Hong Kong with Shentou Investments (Hong Kong) Limited
(Shentou), a company specializing in the sale of Chinese products in Europe, including automobile
spare parts, and a partner with extensive engine distribution experience and familiarity with the
markets in Europe. YC Europe will establish a wholly-owned subsidiary, YC Europe (Germany) GmbH
(YC Germany), based in Germany to market off-road engines (excluding marine engines) in
Europe.
YC Europe and YC Germany will establish a sales network and develop distribution programs to
exclusively sell GYMCL off-road diesel and gas engines (excluding marine engines) and spare parts
throughout Europe, as well as provide services in engine related areas. GYMCL will supply engines
and spare parts, training and service expertise to YC Europe and YC Germany.
The registered capital of YC Europe is 3.0 million Euros. Shentou and GYMCLs shareholding in YC
Europe will be 57.5% and 35% respectively with the other partner taking the remaining 7.5% equity
interest.
Weng Ming Hoh, President of China Yuchai, commented, We expect this new joint venture to
accelerate the introduction of our products into the European markets and contribute to our overall
sales. Our advanced engines conform to world-class quality, performance and emissions technology
standards and with this new venture, we are well- positioned to maximize global distribution
opportunities.
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company
Limited (GYMCL), engages in the manufacture, assembly, and sale of a wide variety of light-,
medium- and heavy-duty engines for trucks, buses, passenger vehicles, construction equipment,
marine and agriculture applications in China. GYMCL also produces diesel power generators. The
engines produced by GYMCL range from diesel to natural gas and hybrid engines. Through its regional
sales offices and authorized customer service centers, the Company distributes its engines directly
to auto OEMs and retailers and provides maintenance and retrofitting services throughout China.
Founded in 1951, GYMCL has established a reputable brand name, strong research and development team
and significant market share in China with high-quality products and reliable after-sales support.
In 2014, GYMCL sold 483,825 engines and is recognized as a leading manufacturer and distributor of
engines in China. For more information, please visit http://www.cyilimited.com.
Safe Harbor Statement
This news release may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The words believe, expect, anticipate, project,
target, optimistic, intend, aim, will or similar expressions are intended to identify
forward-looking statements. All statements other than statements of historical fact are statements
that may be deemed forward-looking statements. These forward-looking statements are based on
current expectations or beliefs, including, but not limited to, statements concerning the Companys
operations, financial performance and condition. The Company cautions that these statements by
their nature involve risks and uncertainties, and actual results may differ materially depending on
a variety of important factors, including those discussed in the Companys reports filed with the
Securities and Exchange Commission from time to time. The Company specifically disclaims any
obligation to maintain or update the forward-looking information, whether of the nature contained
in this release or otherwise, in the future.
For more information, please contact:
Kevin Theiss
Grayling
Tel: +1-646-284-9409
Email: cyd@grayling.com
China Yuchai (NYSE:CYD)
Historical Stock Chart
From Aug 2024 to Sep 2024
China Yuchai (NYSE:CYD)
Historical Stock Chart
From Sep 2023 to Sep 2024