Chinese construction-equipment leader Sany, with backing from Chinese private equity company CITIC PE Advisors, agreed to buy 100 percent of German concrete pump maker Putzmeister. Aichtal in Germany will become Sany’s new headquarter for concrete machinery and Norbert Scheuch is expected to remain in his position as the head of Putzmeister under the Chinese owner.
Putzmeister will remain as an independent brand with its own management within the Sany group.
The purchase agreement underscores growing globalization efforts by Chinese equipment makers seeking to reduce their exposure to their domestic economy. Chinese maker Liugong completed its acquisition of Polish earthmover manufacturer HSW and its Dressta subsidiary (direct descendentss of the International Harvester organization), and Zoomlion bought Italian concrete-pump maker Cifa in 2009.