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Sany and Putzmeister merge

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.


February 2, 2012
By Putzmeister

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”.

Related links
Putzmeister
Sany


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