WEIFANG, China, Feb. 4, 2024 /PRNewswire/ -- On February 4th, leaders from across the globe gathered in Weifang, China, for the fifth Shandong Heavy Industry - Weichai Power Global CEO Conference, an event that drew 58 C-suite and top management executives from the Shandong Heavy Industry Group's (subsequently referred to as the "Group") operations across 13 countries and regions. The meeting provided a platform for these international leaders, together with their counterparts from the Group's domestic brands, charting the future direction of conglomerate and explore strategies for achieving cohesive growth across world's industries.
Tan Xuguang, the chairman of both Shandong Heavy Industry Group and Weichai Power, chaired the event and presented a keynote speech entitled "Earning Respect of Global Customers Through Strength". In his remarks, Mr. Tan reflected on the Group's impressive journey over past 20 years, a period characterized by its expansion on a global scale through strategic reorganizations and the integration of diverse corporate cultures, leading to effective collaboration and shared successes among its varied business sectors. "The aspiration to create a world-class corporation and ensure the well-being of our 150,000 employees globally is dream binding us together," Mr. Tan declared.
In a strategic move that set the stage for substantial sector-wide transformation, Weichai Power's acquisition of Zhuzhou Torch Spark Plug in 2005 marked the beginning of Shandong Heavy Industry Group's pivotal journey towards global industrial integration and advancement. Originating as a specialist in engine manufacturing, the Group swiftly evolved, raising the bar with introduction of the world's first gold-standard powertrain assembly. This evolution catalyzed expansion into diverse sectors, including commercial vehicles, agricultural machinery, construction equipment, smart logistics, and marine transportation gear. The deliberate diversification has not only fortified Shandong Heavy Industry's standing as a vanguard in the industrial equipment domain but also cemented its stature a leading multinational conglomerate in China with a formidable international footprint. The Group's annual operating revenue has soared to US$72 billion, with its transnational index exemplifying its global reach at 48.57%.
Shandong Heavy Industry Group has been at the forefront of fostering open collaboration, systematically broadening its alliance of strategic brands. The conglomerate's portfolio now includes recognized names such as Weichai Power, China National Heavy Duty Truck, Shaanxi Heavy Duty Automobile, Weichai Lovol Intelligent Agricultural Technology, Shantui Construction Machinery Co., Ltd., and Zhongtong Bus. Beyond domestic achievements, the Group boasts significant holdings in notable global firms: Italy's Ferretti, Germany's KION Group and Linde Hydraulics, the US's Dematic and PSI, and France's Moteurs Baudouin. With technological innovation centers established in over 10 countries, Shandong Heavy Industry delivers product and service solutions across more than 150 countries and regions. The group leads the global market in heavy engines, heavy-duty transmissions, and heavy trucks sales, while its industrial forklifts and luxury yachts are celebrated as top-tier international brands. In 2023, the Group reported an unprecedented 33% year-on-year surge in operating revenue and a doubling in profit, marking the most successful financial performance as now.
Looking to future, Mr. Tan underscored the critical importance of assembling an elite cadre of CEOs to elevate the organization to global prominence. He advocated for a comprehensive transformation, it means to serve as a CEO, urging them to become technologically adept entrepreneurs who also embody the roles of visionary thinkers, skilled engineers, persistent performers, and cultural envoys. By adopting a global outlook, strategic orientation, and systematic approach, these leaders are tasked with generating enhanced value for customers and positioning the firm as a globally respected powerhouse in the industrial equipment sector, Mr. Tan elaborated.
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