Sany Heavy
Industry Co., the construction-equipment maker, has agreed to buy German concrete pump maker Putzmeister Holding GmbH in what
they said is the largest Chinese-German transaction yet.
Sany and Chinese private equity company CITIC PE Advisors Ltd. will buy 100
per cent of Putzmeister for an undisclosed price, according to a statement today. Aichtal in Germany will become Sany’s new headquarter for concrete
machinery and Norbert Scheuch will remain in his position as the head of
Putzmeister under the Chinese owner.
Putzmeister, which has 3,000 employees and sales of 570 million Euros (USD751
million), provided concrete pumps to quell the Fukushima nuclear disaster in Japan last year and
the Chernobyl meltdown in the 1980s. Chinese companies are increasingly hunting
for European targets.
“With this merger Putzmeister and Sany will create a new and global market
leader for concrete pumps,” said Liang Wengen, Chairman and Founder of Sany, in
the statement. “Putzmeister will remain as an independent brand with its own
management within the Sany group.”
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