Sany To Buy Putzmeister
Sany Heavy Industry Co. has agreed to buy German concrete pump maker Putzmeister Holding GmbH in what Sany said is the largest Chinese-German transaction yet. Sany and Chinese private equity company CITIC PE Advisors Ltd. will buy 100% of Putzmeister reportedly for Euro 360 million.
Putzmeister has 3000 employees and sales of $751 million. The company offers a broad line of truck-mounted concrete boom pumps, separate placing booms, truck-mounted telescopic conveyors and trailer-mounted line pumps. Aichtal, 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.
“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.“Putzmeister will remain as an independent brand with its own management within the Sany group.”