Sany Heavy Industry Co. (600031), the construction-equipment maker run by China’s richest man, 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 percent of Putzmeister for an undisclosed price, according to an e-mailed 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 ($751 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. Chinese solar-panel maker LDK Solar Co. plans to buy Germany’s Sunways AG (SWW) and Italian luxury-yacht builder Ferretti Group was sold to Shandong Heavy Industry Group-Weichai Group.
“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.”
To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at firstname.lastname@example.org