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China's construction equipment giant Sany to take over German Putzmeister


09:01, February 01, 2012

Liang Wengen (L), chairman of Sany Heavy Industry, shakes hands with founder of Putzmeister Karl Schlecht in Changsha, capital of central China's Hunan Province, Jan. 31, 2012. China's construction equipment giant Sany Heavy Industry, found in 1989 and based in Changsha, is to take over Putzmeister, a German engineering firm, in a 360-million-euro deal, the company said in a statement posted on Shanghai Stock Exchange's website on Jan. 29, 2012. According to the statement, Sany's wholly-owned subsidiary Sany Germany GmbH will pay 324 million euros to own 90 percent of Putzmeister's shares. The remaining 10 percent would be purchased by China's Citic Funds, said the document, endorsed by all 12 board members who attended the company's executive board meeting on Jan. 20. Putzmeister, founded in 1958, is a family-owned firm based in Aichtal. It employs 3,000 people and reported an estimated annual revenue of 560 million euros last year. (Xinhua/Long Hongtao)

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