China's latest acquisition: Sany buys Germany's Putzmeister

Sany Heavy Industry buys German concrete pump maker Putzmeister for more than €500 million.
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Putzmeister broke its own record by pumping concrete to a height of more than 700m at Burj Khalifa in Dubai
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<div style="text-align: left;"> Putzmeister broke its own record by pumping concrete to a height of more than 700m at Burj Khalifa in Dubai </div>

China’s construction-equipment maker Sany Heavy Industry has agreed to buy German concrete pump maker Putzmeister in the biggest Chinese-German transaction to date.

Sources say Sany and Chinese private equity company Citic PE Advisors plan to buy Putzmeister for slightly more than 500 million $660 million, though neither party is disclosing the actual amount. The proceeds will go to two charitable foundations Karl Schlecht Gemeinnuetzige Stiftung KSG and Karl Schlecht Familienstiftung KSF established by Karl Schlecht, the company’s 79-year-old founder.

This is the latest in a string of outbound acquisitions that reveal China’s ambition to build bigger and stronger companies. Last year, Chinese companies spent $56 billion...

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