Chinese construction equipment manufacturer XCMG has finalized its acquisition of German concrete pump maker Schwing. XCMG now owns 52 percent of Schwing’s stock. XCMG posted total operating revenue of 87 billion yuan (about U.S. 13.7 billion), the company said, primarily in concrete equipment.

The company has more than 300 Chinese distributors and nearly 200 international distributors. The acquisition of Schwing will significantly grow its worldwide business.

“The successful acquisition will greatly enhance the core competitiveness and the overall strength of XCMG in this field,” said a statement on the company’s website. The deal will enable it to “rapidly develop its complete set of concrete equipment, achieve world-class in terms of technology, quality, product R&D and manufacturing, actively explore the international market and build an international brand for its complete set of concrete equipment.”

XCMG said it and Schwing will carry out more strategic cooperation and increase the competitive strength and market share of XCMG and Schwing products. XCMG president Wang Min said “XCMG and Schwing will work together to reshape the global industry of concrete machinery.”

The acquisition is the second purchase of a German concrete pump manufacturer by a Chinese construction equipment manufacturer this year. Sany Heavy Industry acquired Putzmeister in January.