SHENYANG - The revenue of Shenyang Machine Tool (Group) Co Ltd in 2011 surpassed 18 billion yuan ($2.9 billion), according to statistics provided by the company.

The company has seen rapid development and growth in sales income, which stood at 800 million yuan in 2002 and exceeded 10 billion yuan in 2007.

A shift in the company's production strategies contributed to the sales growth, as it began to outsource the manufacturing of low-end products to other companies and focus on high-end numerical control machine tools at the end of 2010.

The company also acquired several machine-tool-making companies in both domestic and international markets, including the German company SCHIESS. The acquisition broadened its market and improved its production capacity as well as technologies.

The Shenyang Machine Tool (Group) Co Ltd, a major machinery manufacturer based in northeast China's Liaoning province, produced China's first machine tool and is now the research and manufacturing base for numerical control machine tools.