Sany, together with the Chinese Private Equity company CITIC PE Advisors (Hong Kong) Ltd as a minority shareholder, will acquire 100% of the privately-owned Putzmeister in a deal that will create a new global leader in concrete pumps.
Aichtal, Germany-headquartered Putzmeister specialises in construction machinery, particularly concrete pumps, for the building and mining industries, as well as for tunnel construction and large-scale industrial projects. Putzmeister has 3000 employees and generated revenues of about €570 million in 2011.
Putzmeister will continue to operate as an independent brand.
Norbert Scheuch will remain as CEO of Putzmeister within Sany and will join the Sany executive board.
Aichtal will become Sany’s new headquarters for concrete machinery outside China.