China's biggest engineering machinery producer has become the country's first corporation of its kind with annual business volume exceeding 10 billion yuan (US$1.2 billion).

Xuzhou Engineering Machinery Group said in a press release that its sales for the first 10 months of this year stood at 12.9 billion yuan (US$1.57 billion), up 81 per cent year on year.

Sales of industrial goods reached 10.6 billion yuan (US$1.29 billion) during the 10 month period, up 66 per cent overthe same period of last year, according to the press release.

With 26 wholly-owned companies, joint ventures, and companies with or without controlling shares, the group company produced 418 varieties of machinery and equipment, including cranes, road rollers and loading machines.

The group employs about 3,000 researchers and developers, according to the release.

The group has set a target of 20 billion yuan (US$2.4 billion) in sales for 2004, 15 billion yuan (US$1.8 billion) in sales of industrial goods for the year, said the release.

The group was founded in 1989 in Xuzhou City in east China's Jiangsu Province, east China.

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