CapitalVue reported that Sany Heavy Industry of signed an agreement to acquire Germany's Putzmeister Group and the transaction is currently pending regulatory approval.

Except for a minority stake to be held by a private equity firm, Citic PE Advisers, Sany Heavy will obtain all the shares of Putzmeister. Both parties agreed not to disclose the transaction price.

Putzmeister, which was the global market leader in the concrete pumps sector for a long period of time, generated more than 90% of its sales from 110 overseas markets. It has 3,000 employees and generated sales revenue of 570 million euros in 2011.
Sanyi Heavy has more than 70,000 employees in 150 nations and generated sales of more than CNY 50 billion in 2010.

Mr Liang Wengen chairman of Sany Heavy said that the two companies are complementary to each other in terms of market distribution. Putzmeister will maintain independent operations following the acquisition.

(Sourced from CapitalVue)