SINGAPORE, April 9, 2015 /PRNewswire/ -- 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 GYMCL's
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 diesel 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
Company's 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 Company's 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
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SOURCE China Yuchai International Limited