China's XCMG Buys Majority Stake in Schwing

XCMG wants to add the premium concrete pump brand and plans to leave Schwing management in charge

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 . . . )

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