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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