Sany eyes more deals in emerging markets

Sany Heavy Industry Co Ltd is planning to increase investments in emerging markets like Venezuela, as the heavy machinery maker seeks ways to sustain growth amid tough market conditions at home.

The company said on Thursday that its auto unit has bagged a $200 million supply order for heavy machinery, including crawler cranes and excavators, in Venezuela. It said it has received half of the advance payment from Corpovex, the South American country's national trading company.

Sany said it expects to sign more such deals with companies in overseas markets that are undergoing rapid urbanization and have huge demand for infrastructure construction.