China's Xugong Science to buy parent assets

Xugong Construction Machinery Science & Technology Co, controlled by China's biggest building-equipment maker, will buy assets including stakes in crane and heavy-machinery producers for 5.3 billion yuan (US$777 million).

Xugong goes with the wind

Xuzhou Construction Machinery Group (XCMG), the country's largest manufacturer of heavy construction machinery, plans to make an initial investment of 500 million yuan (US$72.34 million) to diversify into wind turbine production at a time when crude oil price is going through the roof.