Joint ventures off on a rocky road
Chinese find foreign partners wanting a greater piece of the pie
To John Deere, a Fortune 200 American business, the largely untapped Chinese market might have seemed so lucrative that a joint venture with a small Chinese company might not have been enough to satisfy its appetite.
As an agricultural machinery manufacturer, John Deere is headquartered in the mid-western United States city of Moline, Illinois, which has a population of only 43,000. But, after it got a foothold in China, the world's fastest-growing economy, the multinational went looking for much more.
"What they want is total control and to put their label on our product," said Chen Gang, general manager of the Xuzhou XCG John Deere Machine Manufacturing Co, a joint venture with John Deere.
John Deere formed it with XCG, a construction equipment manufacturer in Xuzhou, Jiangsu province, owned by the Xuzhou Bohui Construction Machinery Group.
"We've been suffering from this failed marriage with John Deere," Chen said in an interview with China Daily.
"And now we're really tired."
Acquiring the Chinese partner's intellectual property rights and know-how, might have given John Deere a chance to compete with its major rival back home, Caterpillar.
As it hopes, with the joint venture as its sprint board, the American agricultural equipment producer, which doesn't own industrial excavator design and production technology, could gain a foothold to enter into China's buoyant excavator sector.
XCG was formerly known as the Xuzhou Xuwa Excavator Machinery Co, a subsidiary of Xuzhou Bohui Construction Machinery Group Co, and ranked one of China's top three excavator producers in 2007, along with the SANY Group and Liugong Machinery Co.
The year 2008 marked a turning point for the Chinese company when it sold a 50-percent stake to John Deere for 330 million yuan, establishing the 50-50 joint venture.
"At the time, we simply wanted the JV to bring advanced Western management and capital to help our company develop best in a booming market," said Chen.
The backdrop was China's boom in infrastructure spending and a growing excavator market. Between 2000 and 2010, excavator sales went from 10,000 units, a year, to 165,000. Last year alone, the number of excavators sold in China soared to 165,804, an increase of 78.25 percent from the previous year.
John Deere 2020 - News
To John Deere, a Fortune 200 American business, the largely untapped Chinese market might have seemed so lucrative that a joint venture with a small Chinese company might not have been enough to satisfy its appetite.
Deere & Company (DE): Cramer owns 800 shares of DE. If ever there was a name brand in the agriculture business, the iconic John Deere tractor is it. This behemoth of agricultural machinery manufacturing controls more than 50% of the US market,
Equipment-maker John Deere is up 52 percent. Grain merchant Bunge, up 50 percent. Railroad giant Union Pacific, up 45 percent. But it's lifting a lot of smaller operations, too. That's doubly true for operations lucky enough to be well-situated -- like
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