Chinese construction equipment manufacturer Sany Heavy Industry has agreed to buy German concrete pump maker Putzmeister Holding GmbH, according to Bloomberg and various European news agencies. Sany and Chinese private equity company CITIC PE Advisors Ltd. will acquire 100 percent of Putzmeister for an undisclosed price. Putzmeister CEO Norbert Scheuch will remain as head of Putzmeister under Sany’s ownership.
The acquisition is part of a series of transactions by Chinese companies acquitting European assets, such as solar-panel manufacturer LDK Solar Co.’s intention to buy Sunways AG and Shandong Heavy Industry Group acquiring Italian luxury-yacht builder Ferretti Group.
The deal would make Putzmeister Sany the largest worldwide manufacturer of concrete pumps.