XCMG, the Chinese crane and construction equipment manufacturer, will set up its new European headquarters in Krefeld, Germany. The 16,400 sq m site is the basis of an investment of more than EUR 36 million ($38 million). Starting in July 2013 XCMG Europe will be a platform and an incubation centre of top talent in hydraulic transmissions and complete machine technology, XCMG said. XCMG has been China?s largest manufacturer of construction equipment. Its revenue in 2011 was $14 billion while exports were $1.086 billion of that. It claims the largest market share in China and says its sales of truck cranes and large tonnage road rollers are the highest in the world. In China there are more than 300 distributors and another 200 elsewhere in the world.