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China’s Sany to buy Putzmeister

Putzmeister, a German family-owned engineering firm, is to being taken over by Chinese construction equipment giant Sany Heavy Industry, the German company said on Monday.

China's Sany to buy Putzmeister
Photo: DPA

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.”

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

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TRAVEL

Germany toughens China travel warning over ‘invasive’ Covid tests

Germany has toughened its advisory against travel to China, warning that travellers could be placed under hospital quarantine for weeks upon arrival and subjected to "invasive" medical tests even if they have previously recovered from the coronavirus.

Germany toughens China travel warning over 'invasive' Covid tests
A plane flying from Frankfurt airport. Photo: DPA

In its latest travel advisory update, the Foreign Ministry said that the stringent measures were imposed on “people cured of Covid-19”, as well as others who test positive for antibodies because of an undetected illness, or others who had arrived on the same flight and who test positive for the coronavirus.

“Medical measures applied by the Chinese side are invasive and include in part daily blood tests and computer scans,” the Foreign Ministry said.

All travellers arriving in China are required to serve a 14-day quarantine at a location determined by the government.

While small children are “as a rule” allowed to spend their quarantine with their parents, those aged 14 years and up can be placed in isolation away from their family.

The Süddeutsche newspaper reported that the ministry had heightened its warning after two German nationals were held in hospital quarantine for several weeks.

Both had recovered from the coronavirus previously and had tested positive for antibodies, added the report, noting that they were nevertheless forced to undergo medical tests.

The newspaper said the Foreign Ministry had filed protests with the Chinese government over how the two Germans were treated.

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