Feb. 2, 2012 – Putzmeister and Sany Heavy Industry have announced the signing of an agreement on the merger of both companies. Sany, together with the Chinese private equity company CITIC PE Advisors, acquires 100 per cent of Putzmeister. Both parties agreed not to disclose the financial terms of the transaction.

Putzmeister develops, produces and sells construction machinery world-wide, especially concrete pumps for building, mining, tunnel construction and large-scale industrial projects. Sany, based in Changsha, China, is a large Chinese producer of construction machinery and market leader for concrete pumps in China, which is the largest and fastest-growing market for concrete pumps and other industrial equipment world-wide.

The business activities of Putzmeister and Sany are highly complementary geographically. The merger of the Chinese market leader in concrete pumps with the leading provider in most markets outside of China thus follows a clear strategic and industrial rationale: the creation of the global market leader for concrete pumps.

Both partners benefit substantially from the combination. Sany’s financial strength secures Putzmeister’s growth prospects and provides a significant competitive advantage. Sany adds to its portfolio technologically cutting-edge products and innovations “Made in Germany” and acquires a strong distribution and service network outside of China.

Karl Schlecht, founder of Putzmeister, said: “This merger is a global showcase transaction. Sany is one of the few large Chinese conglomerates which is personally operated by the founder, who is also the majority shareholder. In fact, Liang Wengen is one of China’s most successful entrepreneurs. He not only shares our entrepreneurial spirit, but also Putzmeister’s visions and corporate values.”

Aichtal, Germany, will become Sany’s new headquarters for concrete machinery in the world outside China. Putzmeister will 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. Norbert Scheuch will remain in his position as CEO of Putzmeister within Sany and will join the Sany executive board.

Liang Wengen, Chairman and founder of Sany, said: “With this merger Putzmeister and Sany will create a new and global market leader for concrete pumps. Putzmeister will remain as an independent brand with its own management within the Sany group. We are looking forward to work with the Putzmeister management, which made this business so successful”.