Sany searching for M&A deals in EU

Sany Group, a leading producer of construction machinery, said it will continue to seek merger and acquisition opportunities in the European Union after announcing a plan earlier this year to buy a German rival.

"We have made quite a lot of investments overseas during the past five years, and we will be increasing our investments in the years ahead," Liang Wengen, chairman of the company, said on Sunday on the sidelines of the 18th National Congress of the Communist Party of China in Beijing.

"We will increase our greenfield investments abroad and will also strengthen our investment deals through the use of M&As.

"We won't rule out the possibility of making more purchases in the European Union, especially since the European debt crisis is giving us many good opportunities."

Earlier this year, Sany announced it had acquired Putzmeister, a German manufacturer of concrete machinery.

Sany has made greenfield investments, or investments that are unrestrained by work from previous projects, in the United States, India, Brazil and Germany.

"Generally speaking, the majority of Sany's investment deals abroad have been successful, except for in a few cases," said Liang, alluding to US President Barack Obama's decision to block a wind farm project the company had planned to undertake in the United States.

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