China Knowledge reported that Sany Heavy Industry Co Ltd a leading Chinese heavy construction equipment maker has completed the acquisition of Germany-based concrete pump maker Putzmeister.

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

Aichtal in Germany will become Sany global non-Chinese headquarters for concrete equipment and Putzmeister will remain independent operation. Putzmeister CEO Mr 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.

Source - China Knowledge
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