Chinese compact construction equipment manufacturer Hunan Sunward Intelligent Machinery Co Ltd has acquired a majority stake of its European distributor, Hpm Europe Spa, based in Milan, Italy. Hpm will be renamed Sunward Europe Spa.

Sunward, which manufactures mini- and midi-excavators, skid steer loaders, crawler loaders, telehandlers and piling and rock drilling equipment, said it had achieved a 2% market share in Europe after two years of cooperation with Hpm and that “this acquisition will speed up the project of reaching a 10% market share within 2012.”

The Chinese company said the “big investment” – the amount was not disclosed – demonstrated its aim to make Europe its main foreign market.

Sunward is a listed company on the Shenzhen stock exchange and has 1800 employees working at two facilities with a combined area of 300000 m2.