Jan. 31, 2012 (China Knowledge) - Sany Heavy Industry Co Ltd<600031
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Province, and Citic PE Advisors, a Chinese private equity company, plan to acquire entire equities of Putzmeister, a Germany-based cement pump maker.
Citic PE Advisors will hold a minority shareholding in the target firm, said that the two buyers did not disclose the transaction price. A person familiar with the deal said the consideration would be around EUR 500 million.
The person added that Aichtal in Germany will become Sany's new headquarter for concrete machinery, while Norbert Scheuch's position will remain as the Head of Putzmeister.
Liang Wengen, Chairman of Sany Heavy, said the deal is expected to create a new market leader in global concrete pump industry.
Last year, Sany Heavy launched a research and development center, which will cost EUR 100 million, near Cologne, also in Germany.
Putzmeister's revenue for 2011 reached around EUR 570 million, sources reported.