SANY Heavy Industry Co, the construction-equipment maker run by China's richest man, and a partner will pay 360 million euros (US$472 million) for German concrete-pump maker Putzmeister Holding GmbH to add technology and expand abroad.

Sany will buy 90 percent of Putzmeister for 324 million euros and Citic PE Advisors (Hong Kong) Ltd will purchase the balance, Sany said yesterday. Sany plans to buy Putzmeister, whose concrete pumps helped build the world's tallest building, as a slowing construction boom damps Chinese demand for diggers, cranes and excavators.

"The Putzmeister brand will give Sany an appeal that it doesn't have at the moment to customers in developed countries," said Liu Rong, an analyst at China Merchants Securities Co.

Source:shanghaidaily