CITIC PE teams up with Sany to acquire Putzmeister
Sany Heavy industry, the Chinese construction-equipment maker, and CITIC Private Equity will acquire Putzmeister, a German manufacturer of high-tech concrete pumps, in one of the largest China outbound deals involving a local private equity firm. CITIC Private Equity will retain a minority stake of the company.
Putzmeister has been struggling in recent years. Revenue fell by half during 2008 and 2009, and the company only generated EUR570 million ($751.8 million) last year, far lower than its record of EUR1 billion...
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