Sany Heavy Industry Co., Ltd and CITIC Private Equity Advisors Signed a Merger Agreement

21 January 2012 - Sany Heavy Industry Co., Ltd and CITIC Private Equity Advisors (Hong Kong) Co., Ltd. Signed a merger agreement with Putzmeister Holding GmbH. This marks for the first time a Chinese company acquires a well-known Germany company. “Combining the advantages of Putzmeister through this acquisition, Sany will become a new global leader in concrete pumping machinery industry, ” said the Chairman of Sany, Liang Wengen, who also made the remark that Putzmeister will remain its operational independency as an independent brand within Sany. As a well-known construction equipment manufacturer, Putzmeister’s concrete machinery products have been widely used all over the world. The combination marks a new era for both Sany and Putzmeister. And Aichtal, the headquarters of Putzmeister will become Sany’s new overseas operational center. "After merging with Sany Heavy Industry, Putzmeister not only gains the opportunity to enter a surging market, but also acquires a complete solution and value chain for batching plant, truck-mixer and concrete pumps, which will enable us to provide customers with the unique service and product portfolio. " said Norbert Scheuch, who remains to be the CEO of Putzmeister and joins the board of Sany Heavy Industry. Source: sanygroup.com