Anhui Forklift Truck Group Co.generated annual sales of $1 billion last year, ranking eighth in the world, according to an American journal.

Modern Materials Handling, a materials handling magazine published by the US's Peerless Media, issued a list of the world's top 20 forklift producers for 2011 a couple of days ago, showing the Anhui-based company came eighth.

The forklift maker has beefed up traditional markets in developed countries while expanding its reach into new economies like Latin America.

In 2011, the firm's sales volume exceeded 70,000 units, up 25.38 percent from a year earlier. Its industrial value rose 20.86 percent year-on-year to 7 billion yuan.

Meanwhile, the company spent up to 102 million yuan acquring a majority stake in Ningbo Liftstar Material Handling Equipment Co., a warehouse fork truck producer. Construction was kicked off during the same year on its production base for industrial vehicles in the north of the country.

 The corporation endeavors to be included among the world top five by 2015, by setting an annual output target at 140,000 units and yearly sales revenue at 15 billion yuan, company sources said.