• Germany's news in English
 
app_header_v3

China's Sany to buy Putzmeister

The Local · 30 Jan 2012, 14:29

Published: 30 Jan 2012 14:29 GMT+01:00

In what Putzmeister described as one of the biggest deals in the so-called Mittelstand sector that makes up the backbone of the German economy, Sany

Heavy Industry and the Chinese private equity group Citic are to acquire 100

percent of Putzmeister, the German company said in a statement.

All parties had agreed not to disclose the terms of the sale, but a source close to the talks put the sale price at about €500 million ($660 million).

"The business activities of Putzmeister and Sany are highly complementary geographically" and will leader to "the creation of the global market leader for concrete pumps," Putzmeister said.

The German family-owned firm is headquartered in Aichtal in the southern state of Baden-Württemberg, it employs a workforce of 3,000 people and has annual revenues of around €570 million.

Putzmeister said Sany's financial strength would secure its future growth prospects, while the Chinese group would benefit from Putzmeister's "cutting-edge technology 'Made in Germany' and acquire a strong distribution and service network outside of China."

Putzmeister insisted it would continue to operate "with a high degree of independence in day-to-day management. Sany will focus on operations in China where Putzmeister will continue to be the premium brand."

Story continues below…

The German company's chief executive Norbert Scheuch would remain in his position and join the Sany executive board.

In Germany, Mittelstand refers to the legion of small and medium-sized family groups, often key players in niche markets of the export-orientated engineering sector.

AFP/mry

The Local (news@thelocal.de)

Your comments about this article

16:09 January 30, 2012 by Tanskalainen
Well, stroke my putz!
16:57 January 30, 2012 by lucksi
I'm more interested why a truck with a cement pump on it looks like something out of Mad Max. Wonder if that thing that is over the driver cabin is for lifting the truck up or something.
18:00 January 30, 2012 by Englishted
Living in dreamland if you think production will stay in Germany in the long term ,

the Chinese are renowned for patience and will move slowly but move it they will.
22:18 January 30, 2012 by Anth2305
@Englishted

One often sees and hears comments about China's inability to innovate, saying that they can only copy and make rubbish which quickly falls to pieces, although they seem to forget that dozens of Western companies (such as Apple) with reputations for high quality have many of their goods manufactured there.

Looking through an old electronics magazine the other day, I happened to notice that British companies, such as Pye, actually used to sell television equipment to Japan back in the 1950s.

I also remember derogatory phrases such as 'Jappy crappy' when Japan first started selling goods to Europe and America back in the sixties and people who thought they knew better laughingly telling us how their ¦#39;Inferior imitations, would never be able to compete with Western manufactured products', how wrong they were, not only did they compete, but also increasingly caused the demise of many long established and over complacent industries, especially in the field of electronics and automobiles, along the way.

How many large, once seemingly invincible, electrical manufacturing companies, such as Thorn in the UK, Grundig in Germany and RCA in the US still exist, other than by virtue of owners who have simply bought established and recognised names to badge engineer their foreign made products?

Has that taught us anything, or will our eagerness to sell technology, manufacturing and even whole companies to countries such as China and India, In the pursuance of making a fast buck, blind us to the fact that before very long our expanding global markets could well start to dry up, because they'll be making their own home grown Range Rovers, BMWs, Apple computers and anything else you can care to mention.
10:42 January 31, 2012 by dbert4
Seems that some Germans companies have caught that Ami/Brit disease called, "Screw the furure, lets make a quick euro today".
12:17 January 31, 2012 by jg.
@dbert4

Yes - it has been my impression that German management have usually taken a long term view and have apparently not had the same pressure from banks to sell everything to make a fast buck as their counterparts in the UK have done.
14:08 January 31, 2012 by jamano
@ lucksi

I think this is lead shield to protect from radiation. Such pumps have been used both in Chernobyl and recently in Fukushima to deliver water to the reactor core.

Why the Local are using exactly this picture is unknown to me.
Today's headlines
 'One dead and two injured' in Germany machete attack
News channel NTV said there were scenes of panic in the city centre following the attack. Photo: DPA

A 21-year-old Syrian asylum-seeker killed a woman and injured two people with a machete Sunday in the southwest German city of Reutlingen in an incident local police said did not bear the hallmarks of a "terrorist attack".

Munich gunman planned attacks for one year: officials
Vigils continue in Munich to commemorate the victims, seven of whom were teenagers. Photo: DPA

The teenage gunman who killed nine people in Munich on Friday had been planning his attack for a year, according to German authorities.

Germany grapples with enigma of Munich gunman
A debate is already underway as to whether Germany's gun laws, which are already strict, should be tightened further. Photo: AFP

Investigators were seeking clues on Sunday into the mind of gunman David Ali Sonboly, the teen author of one of Germany's bloodiest killing sprees.

Munich shooting
 Social media a blessing and a curse in Munich shooting
The Munich gunman may have hacked a Facebook account to lure some of the victims to the McDonald's fast-food outlet where the shooting began. Photo: DPA

Social networks were both a curse and a blessing in the deadly shopping mall shooting in Munich, as police sometimes found themselves chasing fictitious leads and false alarms.

Munich shooting
Munich pulls together after shopping mall shooting
Photo: DPA

In the chaos after the Munich mall shooting, city residents spontaneously offered shelter to strangers - a move that Chancellor Angela Merkel said showed that Germany's strength lies in its values.

Munich shooting
Merkel deplores 'night of horror' in Munich
Photo: DPA

Chancellor Angela Merkel on Saturday said Munich had suffered a "night of horror" after a shooting spree in the southern German city left nine people dead.

Munich shooting
Munich attacker was shy video game fan
People laying flowers at the site of the shootings. Photo: DPA.

David Ali Sonboly was a quiet, helpful teenager who loved playing video games. His neighbours say there were no warning signs before his deadly rampage at a Munich shopping mall.

Munich shooting
Munich gunman inspired by rightwing Breivik: police
Photo: DPA

The lone teenager who shot dead nine people in a gun rampage in Munich was "obsessed" with mass killers such as Norwegian rightwing fanatic Anders Behring Breivik and had no links to the Islamic State group, police said Saturday.

Munich shooting
Turks, Kosovans and a Greek among shooting victims
Photo: DPA

Three Turkish citizens were among the nine people killed in Germany's Munich mall shooting. Three Kosovans were also among the nine victims.

Munich shooting
Munich gunman was likely not Isis terrorist: police
Flowers laid at the Olympia Shopping Centre underground station. Photo: DPA

According to initial investigations by Munich police, the young man who went on a shooting rampage in Munich on Friday evening was a lone gunman without motive, not a terrorist.

Sponsored Article
Why you should attend an international job fair
Analysis & Opinion
Nice was an attack on France, not on Germany
Sponsored Article
Avoid hidden fees when sending money overseas
National
Bavaria train attack: Were police right to shoot to kill?
National
How to get German citizenship (or just stay forever)
Sponsored Article
Why Swiss hospitality graduates are in demand
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
Sponsored Article
Five things Americans should know about voting abroad
Travel
Six soothing day trips to escape the bustle of Berlin
International
'Germany needs to make UK come to its senses'
Features
Six odd things Germans do in the summer
Travel
These 10 little-known German towns are a must see
Sponsored Article
Why expats choose international health insurance
Features
How two gay dads cut through German red tape to start a family
National
Five things to know about guns in Germany
Sponsored Article
Health insurance for expats in Germany: a quick guide
Culture
10 things you need to know before attending a German wedding
Sponsored Article
Avoid hidden fees when sending money overseas
National
Eight weird habits you'll pick up living in Germany
Lifestyle
Six reasons 'super-cool' Berlin isn't all it's cracked up to be
Society
Only one country likes getting naked on the beach more than Germany
Sponsored Article
Why Swiss hospitality graduates are in demand
Lifestyle
23 ridiculously fascinating things you never knew about Berlin
Culture
8 German words that perfectly sum up your 20s
Sponsored Article
Why you should attend an international job fair
Lifestyle
Can't make it past the door at Berlin's most famous club? Help is at hand
Business & Money
Why Frankfurt could steal London's crown as Europe's finance capital
Features
6 surprising things I learned about Germany while editing The Local
Culture
Five sure-fire ways to impress Germans with your manners
10,782
jobs available
Toytown Germany
Germany's English-speaking crowd