Shenyang Plans to Grow Through Acquisition

The chairman for Shenyang Machine Tools (SMTCL) says acquiring companies for working partnerships is the way he wants to grow the company.

Xiyou Guan, CEO, SMTCL, says the growth is steeped in strategy of looking for “alliances,” not just available companies.

“Each country or geographic area has its own particular challenges and ways of doing business,” Guan said at a press conference soon after IMTS 2012. “That’s why we want to buy working partners that truly know their market.”

During the press conference, Guan also addressed rumors about the company’s interest in MAG, saying no immediate deal is in sight, but he planned on talking to MAG management about any mutual interest.

Guan held the press conference to introduce key SMTCL global executives, including a new management team for the United States.

He says SMTCL, which sold 90% of its $2.9 billion in sales to China, is interested in increasing sales in the United States and around the world.