Sany Heavy Industry Co. Ltd., a China-based manufacturer of concrete pumps and other heavy equipment, has inked a deal to acquire Germany-based Putzmeister Holding GmbH for an undisclosed sum. Believed to be the largest deal between China and Germany, the acquisition aims to create a global juggernaut for concrete-pumping machinery.
"This merger is a global showcase transaction," said Karl Schlecht, Putzmeister's founder, in a joint statement released on Jan. 27. "Sany is one of the few large Chinese conglomerates which is personally operated by the founder, who is also the majority shareholder."