China's XCMG Buys Majority Stake in Schwing

China's Xuzhou Construction Machinery Group (XCMG) has agreed to buy a majority stake in family-owned German machinery manufacturer Schwing, the latest in a series of deals by Chinese companies to acquire German industrial know-how.

The German concrete pump maker, one of the world's leading suppliers in its field, did not disclose the price of the investment in its statement on Thursday. Reuters first reported a deal was imminent on March 23.

(More on XCMG's Schwing purchase . . . )

See also: Sany to Acquire Putzmeister