WEIFANG, China, Feb. 5, 2024 /PRNewswire/ -- On February 4th, executives from around the world convened in Weifang, China, for the fifth edition of the Shandong Heavy Industry-Weichai Power Global CEO Conference. This gathering drew 58 CEOs and top management from the Shandong Heavy Industry Group's operations spanning 14 countries and regions. The forum served as a crucial juncture for these global leaders and their domestic counterparts to delineate the conglomerate's forward trajectory and deliberate on strategies to foster cohesive growth across global industries.
Chairman Tan Xuguang, who helms both the Shandong Heavy Industry Group and Weichai Power, spearheaded the event. In his keynote "Earning Respect of Global Customers Through Strength," Tan delved into the conglomerate's remarkable twenty-year journey marked by strategic expansions and the amalgamation of diverse corporate cultures. This approach has engendered effective collaboration and mutual successes across the group's assorted business sectors. Tan articulated a vision to establish a world-class enterprise committed to the welfare of its 150,000 global employees, which remains a unifying goal for the group.
The acquisition of Zhuzhou Torch Spark Plug by Weichai Power in 2005 was highlighted as a pivotal moment, setting the stage for the group's significant transformation and global industrial integration. Starting as an expert in engine manufacturing, the Group quickly transformed, setting new standards by launching the world's first industry-leading powertrain assembly. This development spurred growth into various industries, such as commercial vehicles, agricultural machinery, construction equipment, smart logistics, and marine transportation equipment. The strategic diversification not only reinforced Shandong Heavy Industry's position as an industrial equipment leader but also as a formidable multinational conglomerate with a significant presence worldwide. The group's annual operating revenue has escalated to US$72 billion, showcasing a global reach with a transnational index of 48.57%.
The group's commitment to fostering open collaboration and expanding its strategic brand alliance was emphasized. Its portfolio now boasts of partnerships with Weichai Power, China National Heavy Duty Truck, Shaanxi Heavy Duty Automobile, Weichai Lovol Intelligent Agricultural Technology, Shantui Construction Machinery, and Zhongtong Bus. Internationally, the group has made substantial investments in global firms like Italy's Ferretti, Germany's KION Group and Linde Hydraulics, the US's Dematic and PSI, and France's Moteurs Baudouin. With over 10 international technological innovation centers, Shandong Heavy Industry offers products and services in more than 150 countries and regions, leading the global market in several categories including heavy engines, transmissions, and trucks, as well as industrial forklifts and luxury yachts. The group celebrated a 33% year-on-year increase in operating revenue and a doubling in profit in 2023, marking its most successful financial year.
Tan stressed the importance of assembling a top-tier team of CEOs to drive the organization's global stature. He called for a transformation in the CEO role, advocating for leaders who are not only technologically savvy but also visionaries, skilled engineers, diligent performers, and cultural ambassadors. With a global perspective, strategic focus, and systematic approach, these leaders are expected to deliver superior value to customers and establish the firm as an internationally acclaimed leader in industrial machinery.
