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Sany Heavy completes takeover of Putzmeister

Apr. 18, 2012 (China Knowledge) - Sany Heavy Industry Co Ltd<600031><0631>, a leading Chinese heavy construction equipment maker, announced yesterday that it has completed the acquisition of Germany-based concrete pump maker Putzmeister.

Sany Germany, a subsidiary of Sany Heavy, holds a 90% stake in Putzmeister, while CITIC PE Advisors takes the remaining 10%, said Sany Heavy in a statement filed with the Shanghai Stock Exchange.

Aichtal in Germany will become Sany’s global non-Chinese headquarters for concrete equipment, and Putzmeister will remain independent operation. Putzmeister CEO Norbert Scheuch will continue to lead the company to develop the global concrete machinery market.

Sany Heavy said that it aims to increase the sales of Putzmeister to EUR 700 million in 2012 and to EUR 2 billion in 2016.

In January this year, Sany Heavy announced plans to team up with CITIC PE Advisors to acquire the entire stake in Putzmeister for EUR 360 million.

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