On August 15, a reporter learned from the China Internal Combustion Engine Industry Association that the acquisition of Shandong Crankshaft Plant by German company ThyssenKrupp has been approved by local authorities in Shandong Province. The deal, which was initially met with regulatory scrutiny, raised concerns about foreign control over key domestic industrial assets. According to internal investigations, the Shandong provincial government had previously faced challenges in approving the joint venture between Shandong Crankshaft Plant and ThyssenKrupp. To bypass national approval requirements, the project was split into smaller parts, reducing the total investment from $180 million to $95 million and lowering the registered capital from $72 million to $40 million. This maneuver allowed the deal to proceed under local authority rather than through the central government. The proposed joint venture sparked significant concern within the industry. He Guangyuan, former Minister of Machinery Industry and Honorary Chairman of the China National Internal Combustion Engine Industry Association, expressed strong disapproval. He warned that allowing foreign control over such a critical component as crankshafts could lead to a loss of market dominance for Chinese manufacturers in automotive, construction, and military engine sectors. Crankshafts are essential components in engines, responsible for transmitting power and withstanding high loads. They are also crucial to fuel injection systems. After losing control over advanced fuel injection technology, the Chinese industry is now wary of losing autonomy in another vital area—crankshaft development. This would hinder long-term innovation and sustainability in the internal combustion engine sector. In a report submitted to the National Development and Reform Commission, the China National Internal Combustion Engine Industry Association highlighted the importance of Shandong Crankshaft Plant. It is the largest manufacturer of crankshafts in China, supplying major domestic diesel engine companies like Weichai, FAW-Dachai, and Yuchai. Its products are used in heavy trucks, construction machinery, and even military equipment. The plant’s technological level is among the best in the country and meets international standards. Shandong Crankshaft Plant has an annual production capacity of over 500,000 crankshafts and holds a significant market share in both commercial vehicle and construction machinery engines. In 2005, it held a 65% market share in large and medium-sized construction machinery engines and over 50% in heavy truck engines. It also houses the National Crankshaft Technical Center. In January 2006, the plant signed an asset purchase agreement with ThyssenKrupp, involving a total investment of $180 million and a registered capital of $72 million, with ThyssenKrupp owning 80% of the shares. However, the deal was initially rejected by the Ministry of Commerce due to its size exceeding local approval limits. Following the release of the State Council’s policy on revitalizing the equipment manufacturing industry, which emphasized the need for careful review of foreign acquisitions of key enterprises, the Shandong government sought input from the China Internal Combustion Engine Industry Association. The association strongly opposed the merger, arguing that it threatened national interests. With new regulations on foreign mergers and acquisitions set to take effect on September 8, the industry is urging a thorough evaluation of the deal. Experts are being called upon to assess the potential impact of the acquisition, ensuring that the decision aligns with national strategic goals. Despite these concerns, local authorities in Shandong have moved quickly to approve the project, splitting the investment to avoid higher-level scrutiny. If the acquisition proceeds, it may become irreversible, leading to long-term consequences for China’s internal combustion engine industry.

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