Xuzhou Construction Machinery Group (XCMG) has agreed to acquire a major stake in Schwing, the second largest concrete pump manufacturer in Germany, Schwing announced on Thursday.
XCMG chairman Wang Min did not reveal the exact amount of the acquisition, but said in a subsequent announcement that Schwing's German management team will keep their positions after the purchase, expected to be completed in the next two weeks.
The Schwing announcement came one day after SANY Heavy Industry Co Ltd completed the acquisition of the top German pump maker Putzmeister Holding GmbH for 324 million euros ($425.6 milliion).
Once XCMG's acquisition of Scwhing is completed, the three largest concrete pump manufacturers in Europe will have all been acquired by Chinese companies.
Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd acquired Italy's formwork and concrete handling specialist CIFA, the second largest company of its kind in Europe, in 2008.
About half of the 105.3 billion yuan market value of the concrete machinery industry was generated by SANY and Zoomlion in 2011, while XCMG only contributed some 1.97 billion yuan.
The concrete machinery industry had a profit margin of some 30 percent last year, overtaking all other construction machinery related industries.
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